10/02/2026
Jim Freeman Managing Broker · Coldwell Banker Park Shore Real Estate · WA License #17777
360-865-0507 [email protected] SilverBridgeSeniorTransitions.com
Market Brief · Puget Sound & Olympic Peninsula · Fall 2026
Home Equity and the Cost of Long-Term Care
For many homeowners aged 65 and older in King, Pierce, Kitsap, Mason, Jefferson and Clallam counties, the home is the largest asset available to pay for assisted living, memory care, or a nursing home. This brief summarizes local figures, what the research shows about how often a sale becomes necessary, and how to plan ahead.
~637,000residents aged 65+ across the six counties (2025 Census estimates)
$7,600Washington median monthly cost of assisted living (2025)
$15,969Washington median monthly cost of a private nursing home room (2025)
**~70%**of people turning 65 will need some long-term care during their lifetime
Years of care assume the median home sells free and clear, with about 8% in selling costs, and pays Washington's statewide median rates. A mortgage balance, higher local care rates, or memory care would shorten these figures. Shaded counties have the region's oldest populations, where care-related sales are likely to make up a larger share of listings.
What the research shows
About 37% of people turning 65 will need care in an assisted living community or nursing home, and 20% will need care for more than five years.
Washington-specific factors
WA Cares Fund: benefits became available July 1, 2026. The full lifetime benefit is $36,500, about five months of assisted living at the state median. Near-retirees born before 1968 receive a partial benefit.
Apple Health (Medicaid): the home is generally exempt while the owner or a spouse lives there or intends to return. Washington's 2026 home equity limit is $1,130,000, which matters for higher-value King County homes.
Selling the home converts an exempt asset into countable cash, which can affect Medicaid and VA eligibility.
Planning ahead
Estimate market value and net proceeds after payoff and closing costs.
Compare proceeds with local monthly costs for the likely level of care.
Consult an elder law attorney before selling, since proceeds affect Medicaid and VA eligibility.
Confirm who has legal authority to sell (owner, power of attorney, or guardian).
Plan for the gap between move-in and closing, including vacancy insurance.
If you or a family member are weighing a move to assisted living or other care, I can provide a confidential estimate of your home's current value and net proceeds to support your planning.
