Comparing the Cost of Living at Home vs. a Senior Living Community

In Post 10, we explored how to choose a senior living community that aligns with your lifestyle, values, and care needs. But before making a final decision, it’s important to understand the financial side of the equation—especially when comparing the cost of staying at home versus moving into a senior living community.

Many people focus solely on the monthly fee of a senior community and assume it’s more expensive than staying in their current home. However, this comparison is often misleading. Why? Because it doesn’t account for all the hidden or overlooked costs of homeownership.

Common Expenses to Include in Your Home Budget:

• Mortgage or rent (if applicable)
• Property taxes and homeowners’ insurance
• Utilities
• Home maintenance and repairs
• Lawn care and snow removal
• Housekeeping services
• Groceries and dining out
• Transportation (gas, car insurance, maintenance)
• Security systems or monitoring
• Fitness memberships or wellness programs
• Social activities and entertainment
• In-home care or companion services (if needed)

And don’t forget to budget for capital improvements like roof replacement, HVAC upgrades, plumbing or electrical repairs, and accessibility modifications. These costs can add up quickly—and they’re often unpredictable.

Use a Monthly Cost Comparison Worksheet

To help you make a clear, side-by-side comparison, we recommend using a Monthly Cost Comparison Worksheet. This tool allows you to:

• List all current expenses associated with living at home
• Compare them to the all-inclusive monthly fee of a senior living community
• Identify potential savings or added value
• Make a more informed financial decision

When evaluating senior living options, it’s essential to look beyond the monthly price tag and consider the full value of what you’re receiving.

Tangible and Intangible Benefits

Senior living communities often include:

• Access to healthcare services
• Engaging social activities
• High-quality amenities
• Favorable staff-to-resident ratios
• Maintenance-free living

But just as important are the intangible benefits: peace of mind, improved quality of life, reduced isolation, and a sense of belonging. These elements, while harder to quantify, are often what make a place feel like home.

Ultimately, the right choice balances affordability with the richness of experience and support it provides.

In Post 12, we’ll introduce a step-by-step planning process to help you move forward with clarity and confidence—whether you decide to modify your current home or make a move.

Want the Full Guide Now?

If you’re ready to dive deeper into all your housing options without waiting for the full blog series, you can download the complete workbook today. Navigating the Next Chapter: Housing Options for Seniors in Transition is packed with expert insights, practical worksheets, and step-by-step guidance to help you or a loved one make confident, informed decisions.

Click here to get your complimentary copy now.

About Forevermore Homes

We’re the Forevermore Homes Team of Coldwell Banker, and we’re passionate about helping seniors and their families make confident, informed decisions about housing and care. Whether you’re modifying your home, downsizing, or exploring senior living options, we’re here to guide you every step of the way.