Genworth’s 2024 Cost of Care Report shows that most long-term care services are rising faster than inflation. The national median hourly cost of homemaker services is now $33, while a home health aide averages $34/hour. By comparison, assisted living and nursing home care have risen more steeply. In-home care remains one of the most affordable options for families.
Rising Costs of Long-Term Care (Genworth 2024 Cost of Care Survey)
Home Care Market Growth and Industry Outlook (BusinessWire 2024 Report)
According to a new market analysis, the U.S. home care industry reached $286 billion in 2024 and is projected to grow by 22% through 2034. Driving forces include an aging population, value-based care initiatives, and surging demand for in-home healthcare such as infusion therapy and durable medical equipment.
Regional Spotlight: California Care Costs (Genworth Data)
Genworth’s California report highlights how costs in some states are outpacing national averages. In 2024, annual costs for homemaker services rose to $86,944 (+6%) and for home health aides to $89,232 (+5%). These increases, well above the national median, underscore how local inflation and labor shortages impact affordability.
Strengthening the Home Care Workforce (ASPE Issue Brief, April 2024)
The U.S. Department of Health and Human Services and Department of Labor issued new recommendations to improve workforce data for Home and Community-Based Services (HCBS). The report emphasizes the urgent need to recruit and retain direct care workers as demand continues to grow.
The Value of Unpaid Family Caregiving (ASPE Research)
Unpaid caregiving remains the cornerstone of long-term care in the U.S. ASPE research estimates that family caregivers provide care worth over $200,000 per older adult with significant disabilities, a figure that exceeds the value of paid care. As the population ages, reliance on family caregivers will remain a critical issue.