The annual cost of a nursing home stay in New York City has increased dramatically, according to an annual survey by Genworth.
In Manhattan, a private room in a nursing home costs $180,000 per year, making Manhattan second only to San Francisco in cost. Nursing homes in other parts of New York are expensive as well. The cost is $160,000 per year in Long Island and $140,000 in Queens. New York is far above the overall median nursing home cost in the United States, which is $84,000 per year.
The cost is significant for nearly all families, and staggering for many, especially given that the average stay in a nursing home is two-and-a-half years.
Experts say high prices in New York are driven by higher costs for property, maintenance, insurance and staffing.
While the cost of a nursing home stay has continued to rise about 5 percent per year, the cost of home health care has remained more in line with the national average. The average cost of a home health aide in Manhattan is $22 per hour, while the national average is $19 per hour.