Seniorly understands the importance of price transparency in the search for senior living. For many families, it's the first point of consideration and is essential to developing a shortlist of communities that might fit their needs.
That's why we were the first online senior living marketplace to develop a senior living pricing estimate to guide families in the decision process. Over time, our algorithm for estimating price has gotten more sophisticated and accurate. We're proud to share that in 2023, we launched a machine-learning algorithmic model for developing pricing estimates that is at least 40% more accurate than any other national pricing estimator in the market.
As you use the Seniorly.com site, you may notice slight differences in how pricing is displayed from page to page. That’s because Seniorly uses two different methods to deliver the most accurate pricing possible.
Seniorly delivers the most accurate pricing estimates for over 60,000 senior living communities that includes independent living, assisted living, memory care and board and care homes. Our pricing model uses advanced machine learning algorithms, confirmed prices from select communities and real-time data from families who have moved in to senior living communities. Unlike any other model in the industry, our estimates are differentiated to predict pricing by care type, room type and geography, and are updated monthly based on the most recent transactions in the area. In fact, in an analysis of over 150 communities and 400 price points, our data shows that our estimates are 32% more accurate than the leading industry pricing estimate for shared rooms, and 70% more accurate for individual room and care types.
In cases where we have confirmed pricing shared directly from a community owner, we will display that pricing instead of the Seniorly estimate. We do this to ensure we are delivering the most accurate set of data possible. This pricing may reflect room type, care type and any seasonal incentives or discounts a community may be offering at the time the pricing was confirmed.
Seniorly offers several ways to understand pricing as it relates to your care needs and your geography:
Pricing comparison charts:
On each community profile page, you will notice a section that allows you to compare the price of the community to average prices in nearby communities. Seniorly experts have found that some families may be willing to extend their search radius to incorporate a lower-priced area.
Cost of Care Calculator:
In the same section, Seniorly has created a Cost of Care Calculator to help families explore pricing by geography and care needs.
Community descriptions:
In the “About” section of every community profile, you can find helpful information to aid you in your decision journey. Each description includes information about the “starting at” price of the community as it relates to other community pricing in your area.
Community recommendations:
When you submit your information to Seniorly, we will develop a personalized set of recommendations that takes into account your budget. These recommendations are based on a proprietary Seniorly Score that includes communities we know and trust - and that fit your care needs and budget.
Here's where we get a little technical. Our pricing model utilizes advanced machine learning algorithms to analyze vast amounts of real data and extract meaningful insights. The model is built off a support vector regression base model to handle non-linear relationships between variables, which was needed to deal with complex pricing structures in senior living accommodations.
In addition to using real data, our team has employed feature engineering techniques to extract relevant features from the data and optimize the performance of our model. These features include location-specific variables, accommodation size, available amenities, and the level of care provided. By incorporating these features into our machine learning model, we can capture the nuanced factors that influence pricing and provide more accurate estimates.
We understand that the senior living industry is dynamic, with pricing structures and market conditions constantly evolving. To keep our pricing model up to date and accurate, we have implemented a system for continuous learning and updating. This involves regularly incorporating real-time data from senior living communities, monitoring market trends, and adapting our algorithms to reflect the changing landscape. By doing so, we ensure that users receive the most current and accurate pricing information.