When you’re faced with the challenge of finding affordable senior living communities for yourself or a family member, it can raise a lot of questions about the cost and value.

Can I afford to live in a senior living community?

Do I have to go into a senior living community, or can I stay in my home?

How much does independent or assisted living cost?

Who pays for senior living costs?

What if I can’t afford senior living?

Where do I even start?

These are all valid questions. We understand you want to find a safe, welcoming, affordable senior living community for you or your loved one to live comfortably, without worrying about the financial implications. While 74 percent of Americans report being worried about having enough income in retirement,* finding a solution is possible, and senior living communities can be a great option.

In fact, more than 835,200 seniors nationwide currently live in senior living communities where they can maintain their independence while receiving the level of assistance they need.*

We’re here to help you through the decision process and provide you with the tools you need to make the right decision. Below are three steps you must go through in order to decide which senior living option is right for you or your loved one—financially and emotionally.

1) Define the Need

In order to find the right solution for you or your loved one, you should first define the need. Start by asking a few foundational questions to understand the level of care needed:

• Is the individual displaying signs or symptoms of loneliness or depression?
• Are there medical needs that need to be met?
• Can they continue living in their current situation safely and comfortably?

Once you’re aware of the level of emotional support or assistance the individual needs, you can find the right solution to meet those needs.

2) Review Your Options

There are two main categories of care to choose from: in-home and community. Both have pros and cons depending on the level of care and social interaction needed.

In-Home Care:

This kind of care allows a person with specific needs to stay in their home. Care assistants help the individual with daily tasks such as bathing and eating, and healthcare professionals can provide medical treatment as needed within the home. One of the most important things to consider is that oftentimes major home renovations need to be done, such as converting the bathroom, entryways and doorways to be wheelchair accessible so the space is safe and comfortable.

Senior Living Communities:

Independent Living: Independent Living options are offered in senior living communities and provide individuals with a room or apartment of their own. The goal of Independent Living is to provide residents with as much independence as possible in a safe environment with social activities and customized care options. Many senior living communities provide meals, transportation, housekeeping and planned social events.

Assisted Living: Assisted Living is also offered in senior living communities. This option is best for individuals who need some level of assistance with everyday activities and/or medical needs such as getting dressed, bathing, eating and more. Similar to Independent Living, meals, medication management, housekeeping and social activities are provided.

Memory Care: This is long-term care that is meant to meet the specific needs of an individual with dementia. Often, communities can design a memory care plan for each resident to help them stay active and engaged while minimizing challenges.

Nursing Home:Nursing homes are medically-focused communities that provide 24-hour skilled nursing care to individuals who cannot live independently and require a high level of support.

3) Compare Value and Cost

When evaluating these options, it’s important to   . The price tag of a senior living community can come with sticker shock, but when you add up your current cost of living with the cost of home care, a senior living community can often be a much more affordable option. 

There are certainly benefits to each option. It is essential to weigh the tangible costs with the emotional costs. For example, you might decide that it is very important to have home care to ensure that you or your family member can stay rooted in a familiar place. However, you might notice that this comes with both emotional costs such as loneliness, isolation, depression, and dependence on family, and tangible costs such as the cost of a caregiver, food delivery, medical needs and home renovations. Plus, the individual would still be responsible for the cost of home maintenance and routine bills.

While Independent Living, Assisted Living and Memory Care in a senior living community come with their own costs, they can also come with peace of mind. Communities are available with affordable, all-inclusive monthly rent and no long-term commitments or endowment fees. There is peace in knowing that you or your family member have the right amount of care and a sense of community, as well as amenities, food and much more that is all included.

In fact, research shows that 90 percent of residents report overall satisfaction with their senior living community and would recommend assisted living to others.**

Finding affordable senior living options doesn’t have to be overwhelming. The three steps above can assist in knowing the costs of a senior living community and making the best decision for yourself or your family member when it comes to choosing a senior living community.

10 Wilmington Place is here to help you find the right senior living community for you or your family member. If you’re interested in learning more, contact us today!

*https://www.argentum.org/images/Argentum2025.pdf

**https://www.genworth.com/about-us/industry-expertise/cost-of-care.html#