Franklin Ranks 6th in Nation for Assisted Living Costs

Above, researcher Dharam Khalsa

According to some original research conducted by assisted living platform Mirador, Franklin has been named as the 6th most expensive location in the country for assisted living accommodation costs.

• The average annual cost of assisted living accommodation in Franklin, MA is $118,383.
• Given that the average retirement income in MA is just $35,113 before tax, retirees earning this average income will face an annual shortfall of $83,270.

With average home values in Franklin standing at $673,040, many retirees face cashing in a substantial portion of their home equity to make up the shortfall. For example, with average stays in assisted living lasting 22 months, someone earning the average retirement income would be required to cash in at least $152,661.06 of their home equity to cover the costs.
According to Dharam Khalsa, Co-Founder of Mirador, “this research should act as a wake up call to Bostonians, to start thinking more carefully about how they’ll fund the assisted living requirements that may be required later in life, such as investing in life insurance policies with long-term care riders”.

Indeed, according to the full report,  Massachusetts, particularly the greater Boston area, peppers the top 50 list. Watertown leads the Bay State pack at 4th place overall, with an average of $10,021 monthly. Hot on its heels are Mashpee (5th), Franklin (6th), Westwood (7th), and Lexington (8th).

"With Massachusetts retirees bringing home an average of $35,113 annually before taxes, the financial gap here is wider than Boston Harbor," the authors wrote. In Watertown, for instance, you'd need to more than triple your retirement income to cover assisted living costs.

Of course, there ARE more expensive places. New York City claims the crown as the priciest spot for assisted living, according to the report, with a monthly bill of $12,553, totaling $150,639 per year. Nearby in New Jersey, Princeton, ranking 2nd overall, asks for $11,263 monthly, while Hamilton near Trenton (3rd place) isn't far behind at $10,926.

Save those pennies.