Top 50 Most Expensive Locations for Assisted Living Costs in 2024

At Mirador, we've peeled back the curtain on the costs of comfortable living in our later years. Our comprehensive study of the top 50 most expensive locations for assisted living in 2024 paints a vivid picture of the financial landscape awaiting future retirees. The numbers might just make your wallet wince, but we're here to guide you through the maze of assisted living planning.

The Big Apple: Where Retirement Meets Sky-High Prices

Unsurprisingly, New York City claims the crown as the priciest spot for assisted living, with a monthly bill of $12,553, totaling $150,639 per year. Now, hold that figure up against the average annual retirement income in New York state - $33,890 before taxes. This stark contrast underscores the critical need for savvy financial planning long before you bid adieu to your 9-to-5.

New Jersey: Where Retirement Costs Fluctuate Like the Tides

Hop across the Hudson, and you'll find New Jersey prominently featured in our list, with costs as varied as its famous diners' menus. Princeton, ranking 2nd overall, asks for $11,263 monthly, while Hamilton near Trenton (3rd place) isn't far behind at $10,926. Even Linwood (11th) and Freehold (15th) make the list, proving that whether you're near ivy-covered walls or sandy shores, retirement in the Garden State comes with a hefty price tag.

With New Jersey's average annual retirement income sitting at $35,291 before taxes, many homeowning retirees will find themselves dipping into the equity on their property to cover the shortfall. For example, with average property prices in Princeton standing at $933,773, retirees would need to cash out $183,103 to cover the shortfall for an average 22-month stay in assisted living accommodation.

Massachusetts: The Costly Commonwealth

Massachusetts, particularly the greater Boston area, peppers our top 50 list. Watertown leads the Bay State pack at 4th place overall, with an average of $10,021 monthly. Hot on its heels are Mashpee (5th), Franklin (6th), Westwood (7th), and Lexington (8th).

With Massachusetts retirees bringing home an average of $35,113 annually before taxes, the financial gap here is wider than the Boston Harbor. In Watertown, for instance, you'd need to more than triple your retirement income to cover assisted living costs.

Once again, many retirees will need to dip into the equity on their homes to make up the shortfall. For example, with average home values in Franklin coming in at $673,040, an average length of stay in an assisted living facility in the same town would require cashing in 23% of this equity to cover the costs.

Coast to Coast: High Costs from Sea to Shining Sea

Our study reveals that premium price tags for assisted living aren't confined to the Northeast.

Sail up to Cape Elizabeth, Maine (10th place), where the monthly cost is $9,241. Or skip over to Bedford, New Hampshire, where the $9,134 monthly fee puts it at 13th in our list.

Jet to the West Coast and land in Pacific Palisades, Los Angeles (16th). At $9,079 per month, the average retirement income before tax of $38,243 would leave a shortfall of at least $70k a year.

The Reality Check: Mind the Gap!

Throughout our study, one constant theme is the gap between assisted living costs and average retirement incomes. This gap, often ranging from $65,000 to over $116,000 annually, is more than just a number—it's a wake-up call.

Consider Pacific Palisades, where the average home value is a jaw-dropping $3,505,931. You'd think such property values would cushion the blow, but there's still an annual shortfall that could fund a college education. It's clear that even in areas where residents might be sitting on very valuable real estate, the cost of assisted living is outpacing retirement incomes.

Crafting Your Golden Years' Game Plan

Given these eye-opening figures, we at Mirador aren't just ringing alarm bells—we're handing out roadmaps. Here's how to start charting your course to a comfortable retirement:

• Start squirreling away savings early. Think of it as a personal time capsule, but instead of mementos, you're sending money to your future self.
• Become a cost-conscious location scout. Research different areas—your dream retirement spot might be more budget-friendly than you think.
• Explore funding options beyond the piggy bank. Look into reverse mortgages, annuities, or life insurance policies with long-term care riders. It's like assembling a financial Avengers team for your retirement.
• Consider your home as more than just a place to hang your hat. In high-value markets, your house could be the golden ticket to funding your golden years.
• Think outside the retirement home. Alternative care options, like aging in place with home health services, might be easier on the wallet while keeping you in familiar surroundings.

Think Ahead: Your Future Self Will Thank You

Our deep dive into the top 50 priciest locations for assisted living in 2024 isn't meant to send you into a panic—it's a call to action. With monthly costs often exceeding what many people pay for rent or mortgages, and annual expenses that could buy a small fleet of cars, it's clear that preparing for these potential costs is as crucial as planning for any other major life event.

Remember, the best time to plant a tree was 20 years ago. The second-best time is now. The same goes for retirement planning. So let's roll up our sleeves and start planting those financial seeds for a flourishing future. Your future self is counting on you!

The Data