Ask the question, “what does assisted living cost?” and you’re likely to get the typical answer. It depends.

You’re also likely to get a severe case of sticker shock. Depending upon where you live, the level of needed care and the included nursing home activities, the monthly cost of assisted living can range from less than $2,000.00 all the way up to $21,000.00 or more.

That kind of financial commitment is sure to magnify the anxiety of placing a loved one into long term senior care. But before you rush to conclusions, it would be wise to make a thorough comparison between what assisted living costs versus the cost for your loved one to stay at home.

Here is a checklist of things for you to consider when evaluating the cost of staying at home:

• Monthly rent or mortgage payments
• Property tax and insurance
• Grocery expenditures
• Monthly utilities such as gas, electric, trash, water, sewer, etc.
• Cost of transportation (gasoline, insurance, maintenance, car payment or taxi fare)
• Housekeeping assistance
• Landscaping service
• Home improvements, maintenance and repairs
• Laundry service
• Around the clock security or home alarm monitoring
• Entertainment expenses
• Around the clock emergency call service
• Exercise consultants and group programs

When evaluating assisted living cost, keep in mind that these are just a few of the items that are typically included with services that senior care firms provide. Additionally, it’s important to remember that proceeds from the sale or rental of the current home can be used to offset or erase assisted living cost. This can be accomplished by taking the capital gain from a sale and investing it appropriately for a conservative return. In the alternative, monthly rental income can be applied to assisted living cost.

It’s easy to overlook the true costs of staying put when comparing assisted living cost with the option of remaining at home.  But once you put the calculator to it and add up the things that have to be attended to when living at home, you may well find that assisted living is more competitive than you first thought.  And for most seniors and their families, the peace of mind that comes with assisted living is hard to put a number on.