If you’re a senior citizen considering a move to Arizona, you may want to rethink your budget. Senior living in the state is expensive for a number of reasons, including the high cost of housing and health care. In addition, there’ s a lack of availability of affordable senior housing, which is driving up prices even further. Keep reading to learn more about why senior living in Arizona is so expensive and what you can do to offset some of the costs.
The high cost of living in Arizona compared to other states
According to a recent study, senior citizens living in Arizona face some of the highest costs of living in the United States. The study found that, on average, seniors in Arizona spend more than $5,000 per year on housing expenses, nearly $4,000 on healthcare, and more than $3,000 on food. In comparison, senior citizens living in other states typically spend less than $3,500 on housing, less than $2,500 on healthcare, and less than $2,000 on food.
The high cost of living in Arizona can be attributed to a number of factors, including the state’s relatively low median income and high rate of inflation. Senior citizens in Arizona often find it difficult to make ends meet and are forced to make difficult choices between essential needs like food and housing. As a result, the high cost of living in Arizona is a major financial burden for many senior citizens.
The cost of housing and health care in the state
Housing costs in Arizona are some of the highest in the country, with a median home price of $274,900. That’s nearly $100,000 more than the national median home price of $179,200. And if you’re renting, prepare to fork over an average of $973 per month for a one-bedroom apartment – that’s nearly $300 more than the national average rent of $680 per month. Health care costs are also high in Arizona, with seniors paying an average of $5,102 per year out-of-pocket for medical expenses.
The lack of availability of affordable senior housing
According to a 2017 report from How Housing Matters, only 26% of seniors in Arizona live in homes that are affordable and accessible. This means that three-quarters of seniors are forced to spend more than they can afford on housing costs each month. And as the demand for senior housing continues to increase, prices are only expected to rise.
The increasing demand for senior living services
The number of seniors 65 and older is expected to grow by 41% in Arizona between 2010 and 2030. This rapid growth is putting strain on the state’s already limited supply of affordable senior housing options. In addition, this increase in demand is also driving up prices for senior living services like home health care and assisted living facilities.
How to afford senior living in Arizona
If you’re a senior citizen on a fixed income who’s considering a move to Arizona, there are a few things you can do to offset some of the high costs associated with senior living in the state:
- Talk to your financial advisor about relocating – They can help you figure out if moving to Arizona is right for your financial situation and direct you towards resources that can help offset the cost of relocating (e.g., government programs or discounts from moving companies).
- Look into government assistance programs – Programs like Medicaid and Social Security can help cover some of the costs associated with senior living expenses like housing, health care, and long-term care services.
- Connect with community resources – Research local organizations that offer discounts or assistance programs for seniors (e..g., reduced-cost meals at restaurants or educational workshops on financial planning).
Senior living in Arizona is expensive for many reasons, including high housing and health care costs as well as a lack of availability of affordable senior housing options. However, there are ways to offset some of these costs by connecting with community resources or utilizing government assistance programs designed specifically for seniors.