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Long-Term Care Affordability Sharply Worsening for Middle-Income New Yorkers, New AARP Report Shows

Investments in cost-effective home services sorely needed

Brandon Vogel,

AARP New York

Published March 16, 2026

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Albany, NY — Home care and assisted living costs have surged nearly 50 percent nationally since 2019, wiping out a decade of progress in long-term care affordability for middle-income older adults, AARP’s new report finds.

In 2024, the median annual income for adults 65+ in New York was $59,909, but the cost of long-term care varied:

$186,698 - Nursing Home Private Room
$176,660 - Nursing Home Semi-Private Room
$75,600 - Assisted Living
$53,040 - Home Health Aide

Additionally, findings show that affordability varies dramatically across states, with care in New York among the least affordable. Older adults in New York can pay for about half the amount of care that older adults in the most affordable states can.

“Home care and other long-term care services have quickly become increasingly unaffordable in recent years,” said Beth Finkel, State Director of New York. “As costs rise faster than older adults’ household incomes, many families must deplete savings, rely on unpaid family caregivers, or go without needed care. A clear and cost-effective solution is to invest an additional $173.5 million to fully fund aging services this budget season. These programs save families money, reduce pressure on the longterm care system, and help older New Yorkers remain independent. It’s time to treat them as the essential services they are.”

National key findings from the report include:

In recent years, long-term care costs grew faster than incomes. From 2019 to 2024, the annual median cost of home care services increased by close to 50 percent, while over the same period the median household income for someone age 65 or older grew by less than half that amount, making long-term care further unaffordable.
Typical incomes are not enough to pay for long-term care. In 2024, the median household income for someone age 65 or older was about $60,000, while the annual median cost of home care services exceeded $50,000.
Savings are often insufficient to cover long-term care needs. The median household age 75 and older has about $50,000 in financial assets, enough to cover roughly one year of home care or only a few months of nursing home care.

Read the full report here. See complete state-level data here.

About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the 125 million Americans 50-plus and their families: health and financial security, and personal fulfillment. AARP also produces the nation's largest-circulation publications: AARP The Magazine and the AARP Bulletin. To learn more, visit aarp.org, aarp.org/espanol or follow @AARP, @AARPLatino and @AARPadvocates on social media