Senior living costs will vary based on room type and the level of care needed. Use Seniorly's pricing tools to calculate and better understand senior living costs in your area.
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Seniorly uses combination of two different methods to deliver the most accurate pricing possible. In cases where we have confirmed pricing shared directly from a community owner, we will display that pricing instead of the Seniorly estimate. We do this to ensure we are delivering the most accurate set of data possible. This pricing may reflect room type, care type and any seasonal incentives or discounts a community may be offering at the time the pricing was confirmed.
In addition to using real data, our team has employed feature engineering techniques to extract relevant features from the data and optimize the performance of our model. These features include location-specific variables, accommodation size, available amenities, and the level of care provided. By incorporating these features into our machine learning model, we can capture the nuanced factors that influence pricing and provide more accurate estimates.
In 2022, we updated our pricing methodology to more accurately reflect reported prices.
Learn more about our pricing estimates here.
Here's where we get a little technical. Our pricing model utilizes advanced machine learning algorithms to analyze vast amounts of real data and extract meaningful insights. The model is built off a support vector regression base model to handle non-linear relationships between variables, which was needed to deal with complex pricing structures in senior living accommodations.
We understand that the senior living industry is dynamic, with pricing structures and market conditions constantly evolving. To keep our pricing model up to date and accurate, we have implemented a system for continuous learning and updating. This involves regularly incorporating real-time data from senior living communities, monitoring market trends, and adapting our algorithms to reflect the changing landscape. By doing so, we ensure that users receive the most current and accurate pricing information.
In an analysis of over 150 communities and 400 price points, our data shows that our estimates are 32% more accurate than the leading industry pricing estimate for shared rooms, and 70% more accurate for individual room and care types. Seniorly model is going to get better as it collects more data from communities and augment that with the ongoing move in data. The data from leading industry models is from data gathered in 2021. Whereas, Seniorly data is continuously being updated by community prices.
The pricing data is informed by over 40,000 price points that has been gathered by Seniorly over the years.
Seniorly is a senior living technology company enabling end-to-end discovery and decision for older adults and their families. Supporting over 5 million active searchers each year, our technology-enabled platform allows us to optimize occupancy economics for senior living investors. With over three generations of experience in senior living, we help providers increase occupancy the smarter way. Learn more about Seniorly here.
Seniorly offers several ways to understand pricing as it relates to your care needs and your geography:
Pricing comparison charts: On each community profile page, you will notice a section that allows you to compare the price of the community to average prices in nearby communities. Seniorly experts have found that some families may be willing to extend their search radius to incorporate a lower-priced area.
Cost of Care Calculator: In the same section, Seniorly has created a Cost of Care Calculator to help families explore pricing by geography and care needs.
Community descriptions: In the “About” section of every community profile, you can find helpful information to aid you in your decision journey. Each description includes information about the “starting at” price of the community as it relates to other community pricing in your area.
Community recommendations: When you submit your information to Seniorly, we will develop a personalized set of recommendations that takes into account your budget. These recommendations are based on a proprietary Seniorly Score that includes communities we know and trust - and that fit your care needs and budget.