Seniors can find living on a fixed income very challenging to do. Costs of living and healthcare are rising, yet social security and pension levels stay relatively stagnant. Being on this fixed income requires seniors to understand the costs of living and medical care they will need in their later years so that they can plan to have their money last throughout each month accordingly.
Those who have extra savings in accounts like a 401k or IRA might have an extra edge, but budgeting those resources will be vital to ensure that you are able to make your money last for the rest of your life as well. Here's a look at how far your money can go in Houston.
Cost of Living in Houston, TX
Houston is a metropolis that surrounds the Galveston Bay and is also home to the NASA Space Center Houston where both astronauts training and flight control complexes are located as well. The city was designed with 19th-century architecture and upscale restaurants at its forefront.
Moreover, Houston's cost of living is lower than the national average, despite its status as a large city. That makes it a great place for seniors to settle down.
Assisted Living Costs
If a senior is looking for an assisted living facility in which to reside, they can expect to pay a median price of about $2,770/month. However, based on the amenities and services that a senior is looking for and the location in which they are looking to live in, they can find prices ranging from $1,450 to $4,500.
Nursing Home Costs
If a senior is looking to stay in a more intensive nursing facility they can expect to pay a lot more. The average semi-private room will run about $3,750/month or about $125/day. If you want a completely private room, you can expect to pay $5,100/month or about $170/day.
Home Care Costs
If those numbers are stunning to you on your fixed income, you can always consider a caregiver who can assist you with household chores and weekly errands in the comfort of your own home. These caregivers will allow you to continue living your daily life on your own schedule.
The average caregiver in the Houston area charges about $18/hour, so you could hire a part-time home health aide for 20 hours per week for about $360/week or $1,440/month, which is only a fraction of what a long-term care facility ends up costing. Moreover, you never have to leave the home you love to have someone work with you!
For more information on home care near you, refer to our services. Our caregivers are more than happy to help you or a loved one get the care you need.