Paying for assisted living through sale of home
A New Age of Senior Care Assisted Living Facility
Home sales in West Palm Beach as defined by RedFin.com have been increasing in median sales price. In 2016, the median range of sales price was between 160K to 180K, with houses being on the market from 66 to 78 days. The median price per square foot rose to $125 per square foot
If the house was completely paid for, the funds from the sale of the house could be used for the assisted living costs of a family member.
In West Palm Beach, assisted living and memory care range from $3500 to 4500 per month (the person's level of care could have a huge impact on these ranges).
The sale of the house could potentially pay for 3 to 4 years of assisted living or memory care. This could be increased depending on the person's retirement income, access to LTC insurance policies or savings.
($160,000/$3500=45 months, $180,000/$3500=51 months, $160,000/$4500=35 months)
If the house sold for $160,000 and the person has a retirement income of $1800 per month and assisted living fees were $3500 per month, then the proceeds from the sale of the house would actually last 7.75 years.