Most seniors live their golden years off of the money they saved in retirement accounts through their lives and through other benefits like social security and pensions. This means that most seniors have a limited, fixed income to work with.
The key to keeping up with rising health care costs and inflation is to make every penny work in their favor. This is even truer when it comes to finding long-term living arrangements that meet their personal needs as well as finding something that is affordable for that person on the budget that they must live on.
Here's a look at how much it costs for a senior to live in Nashville, TN, as they age in place.
Cost of Living in Nashville
Nashville the capital city of Tennessee and home to approximately 690,000 plus residents. Nashville is also home the famed Vanderbilt University. Nashville is also known as "Music City" due to the impressive number of musicians from both the country and other genres of music that call Nashville home.
The cost of living in Nashville is 3% lower than the national average, meaning seniors can save a few dollars living in this city.
Assisted Living Costs
If you are looking to stay in an assisted living facility in the Nashville area you can expect to pay about $2,900/monthfor the average living arrangements. However, assisted living arrangements have been listed as low as $1,400/month or high as $5,280/month, depending on the accommodations and services your lifestyle requires.
Nursing Home Costs
If you are looking for a long-term nursing facility, you can expect to pay significantly more. A semi-private suite will an average of about $5,100/month or about $170/day. If you want a totally private (personal) room, you will be looking at paying around $5,550/month or $185/day for that arrangement.
Home Care Costs
An affordable a reasonable alternative for many seniors may be a part-time personal caregiver. This home care option allows you to stay in the comfort of your own home that you are already familiar with and a general routine of your preference.
Considering the average cost of a caregiver in Nashville is $21/hour, you could get a caregiver to help you with housework and certain errands you need assistance with for 20 hours a week for about $420/week or about $1,680/month. That's just a fraction of what you would pay to stay in the average assisted living or nursing facility.
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.