Assisted living is fairly pricey, and one of the ways seniors pay for it is by selling their homes.
Redfin found the cities where older Americans can get the most and least years of senior living through a home sale. Since annual costs of assisted living ($45,000) and specialized memory care ($58,000) are stable, the results break down between thriving and struggling housing markets.
For instance, homeowners in San Francisco can finance 16 years of assisted living through a home sale, while Hartford, Conn., residents can only fund a half year of assisted living with a sale.
Other beneficial cities include San Jose, Los Angeles, Seattle, and Boulder, Colo. Cities that have a much smaller bang for the buck include Detroit, Cleveland, Atlantic City, N.J., and Rockford, Ill. The results were based on the median annual cost of senior living and the average median sale price of a home in 160 cities.
On average, a home sale could pay for nearly five years of assisted living and nearly four years of memory care. This puts senior home sellers at an advantage when it comes to paying for long-term care.
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