Senior couple review their budget together on laptop

Comparing the Costs of Assisted Living with Staying at Home

March 12, 2024

Costs of Senior Living Options

Sticker shock is what many seniors experience when they first consider the costs of assisted living. It’s easy to just decide that staying at home would be more affordable. Yet, when you do a comparison of the actual total costs of staying at home, versus what is included in assisted living, you might be surprised to see which option offers the most value.

Assisted Living vs. Staying at Home: Compare the Costs for Yourself

It’s important to remember all the ongoing expenses of maintaining your home. Food, utilities, insurance, entertainment, security, repairs, upgrades, landscaping, security, and more. It all adds up—and it all comes out of your wallet each month.

Then there’s the intangibles that carry a “price.” Such as feeling lonely and alone. Worrying when a storm hits that the electricity might go out. Not feeling confident about going out at night to a movie or dinner. Wishing someone was close by to call upon if needed in an emergency. Knowing your home isn’t really set up for aging in place. Wondering how you will handle future care needs.

At The Herrick House, we know big changes require a lot of thought and consideration. We’ve put together this cost comparison worksheet to help you arrive at the best choice for you or for a loved one. As you look it over, record any additional costs of maintaining a home that occur to you.

Monthly Expenses Costs of Staying at Home Costs of Assisted Living
Mortgage or Rent    
Property Tax & Insurance   Included
Home Maintenance/Repairs
Lawn Care/Yard Maintenance
Utilities (Electricity, Gas, Water, Trash Removal)
24-Hour Security
Transportation (Insurance, Gas, Registration, Repairs)
Exercise & Wellness
24-Hour Emergency Alert System
Total Actual Costs

Even if after filling out this worksheet your answers show that the costs of assisted living might be higher, remember a very important category: quality of life, and how assisted living might have a very positive effect on that.

For example:

  • More freedom and more possibilities. Instead of taking care of everything from mopping to mowing in a house, you now can do as you please. Join a card game. Attend an art class. Hear a concert. Go on an outing with the group. Maybe just sit and enjoy some quiet time. At The Herrick House, life revolves around you, and your wellbeing. After all, you’ve earned all this free time—now’s your chance to really enjoy it!
  • Companionship and engagement. Being around people you enjoy is so beneficial for physical, mental and emotional well-being. Knowing others are eager to see you helps you get up each morning with a purpose and a smile. Sharing experiences and memories with your peers is rewarding, and much more fun than sitting alone and feeling isolated.
  • Staff available 24/7. When comparing the costs of assisted living versus staying at home, this one is very important. In assisted living, someone is close to assist you 24/7. You don’t have to suddenly try to reach a friend, family member or neighbor who might not be available or know what to do. And you can have confidence in the care and attention you receive.
  • Peace of mind. Imagine what a difference it would make to know a plan is in place for you or a loved one. No more worrying over choices you might have to make should care needs change. The Herrick House offers the advantage of a beautiful and private wooded setting on the upper campus of Beverly Hospital. Our unique location offers easy access to physician, outpatient, and 24/7 hospital services. As a member of Beth Israel Lahey Health, staff of The Herrick House can connect residents and families to a comprehensive range of healthcare services.
  • Better quality of life. Choosing a carefree, supportive lifestyle can free you to really live life as you choose, free from everyday worries and confident assistance will be there if needed. More friends. More ways to have fun, learn, laugh, and grow stronger.

At The Herrick House, our residents are enjoying these priceless benefits every day. We invite you to learn more.

Independence, Companionship, and Caring. Download our free guide, Should You Stay or Should You Go? How to Decide Between Home and Senior Living, or contact us. We’d love to hear from you.

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