Genworth Annual Cost of Assisted Living National Trends and Dallas-Fort Worth Trends

Each year, Genworth conducts a survey where they analyze data to present the current trends around the cost of assisted living (and other types of senior care). At Senior Living Specialists, we know that finding the best care for a loved one is the most important thing but also being realistic around a budget is important too.

We wanted to share some of these statistics to help give you better insights to the cost of assisted living, where it might be going in 2023, and how national numbers compare to the Dallas Fort Worth area.

National Trends

We have compiled statistics picked from years going all the way back to 2004 to help show what we have seen from a national trend level. Here is the data:

You can see that there has been a dramatic increase in the annual cost of assisted living from a national level over the past 17 years. In fact, when you look at the annual numbers that Genworth has compiled, there has only been one year that the average cost hasn’t increased year over year (2009).

The average annual cost from 2020 to 2021 increased by $2,400 in one year alone! Compare that to the $3,510 increase that took four years from 2008 to 2012 and the national trend can become alarming.

Dallas-Fort Worth Cost of Assisted Living Comparison

If you live in the DFW area, those trends can be worrisome if you have an aging loved one that might need assisted living care in the coming years. The good news is that Dallas is slightly lower on average for assisted living care than the national trend. For 2021 comparison:

So, the DFW area is definitely less than the national average when it comes to the annual cost of assisted living. It should also be noted that from 2020 to 2021, the median annual cost of assisted living in DFW decreased by -4.6% ($50,340 in 2021 versus $52,800 in 2020). If you are in the market or currently searching for a current assisted living facility in DFW, it looks like the cost could be decreasing if trends hold.

Sources:
– https://www.genworth.com/aging-and-you/finances/cost-of-care/cost-of-care-trends-and-insights.html
– https://www.genworth.com/aging-and-you/finances/cost-of-care.html