Does anyone in here own a residential assisted living facility in MI?

[Pietro Gaglio]

Hello all, I am a home health physical therapist, and I am on my way to earning a degree in healthcare administration. I intend to open and operate my residential assisted living facility in MI. Does anyone know the average rate that residents pay per month in MI to stay at a residential ALF? I know the nationwide average is $4500 a month per resident, but I am guessing it is realistically lower than that in MI. 

Feel free to network with me even if you do not know the answer to my question!

[Charlie Cameron]

@Pietro Gaglio There’s a great lookup tool based on actual and projected data. I asked my biz partner what he uses and will get back to you. But you’re right, that’s about the average but depending on how nice the home is, whether each resident gets a private room, and the level of care/specialization, will all factor in! 

Keep in mind you’ll need a pile of cash (mostly to cover labor as your fill your home) to start the business or get a loan to start the business. And then there’s the real estate which you could purchase or lease to save in cash. 

[Sendhil Krishnan]

@Pietro Gaglio

Use this database to help find average cost of care in your particular zip code.
https://www.genworth.com/aging-and-you/finances/cost-of-care...

If you're in Clinton Township it's roughly $4200, however keep in mind that this is just average. I would reach out directly to nicer homes or facilities in the specific areas, with specific amenities you plan to be in and offer. You may find that rates could be at least a $1000 higher than advertised or more. Keep us updated on what you discover!

[Charlie Cameron]

That's the tool ^^^ Sendhil is a real expert in this space!

[Stephania Tucker]

Good day to all, please when you get a chance look at Dr. Myrrie Hayes YouTube channel, and Coach Michele YouTube channel. You can make way more than what you are saying.

[D. Dee]

@Pietro Gaglio hi, any progress on this? Would live to network.