$2B+ in senior housing transactions All 50 states served Senior housing only — not a generalist firm
Investor Podcast SeniorCRE Platform
Haven Senior Investments
Free Valuation Talk to an Advisor
Market Data · 2026

Senior Housing Cap Rates by State: 2026 Roundup

One table with the typical cap rate ranges and average monthly assisted living rates that Haven uses across its 50 state selling guides.

Haven Senior Investments · September 2026 · 8 min read
Aerial view of city lights at dusk

1. How to read this table

A cap rate is net operating income divided by value. Lower cap rates mean buyers pay more for each dollar of income, usually because they see lower risk or stronger growth. The ranges below are the typical ranges shown in each of Haven's state selling guides; individual communities can fall outside them depending on size, age, occupancy, care mix, and condition.

For how cap rates fit into a full valuation, see How to Value an Assisted Living Facility.

2. Patterns across the country

  • Lowest ranges (about 5–7%) appear in high-cost coastal states such as California, New York, New Jersey, Massachusetts, Connecticut, Hawaii, and Washington, where barriers to new development are high.
  • Middle ranges (about 6–10%) cover much of the Sun Belt, Mountain West, and Midwest, including Florida, Texas, Arizona, Colorado, and North Carolina.
  • Highest ranges (up to about 12–13%) appear in smaller or more rural markets such as Mississippi, West Virginia, Wyoming, Alaska, and the Dakotas, where buyer pools are smaller and operating risk is perceived as higher.

3. All 50 states

StateTypical cap rateAvg. assisted living rate / mo.
Alabama8–11%$3,503
Alaska8–12%$7,050
Arizona6–9%$3,900
Arkansas8–11%$3,300
California5–8%$4,500
Colorado6–8%$4,200
Connecticut5–7%$5,100
Delaware6–9%$4,600
Florida6–8%$3,800
Georgia7–9%$3,600
Hawaii5–7%$5,800
Idaho7–10%$3,700
Illinois7–9%$4,600
Indiana7–10%$3,600
Iowa8–11%$3,700
Kansas8–11%$3,600
Kentucky8–11%$3,500
Louisiana8–11%$3,700
Maine7–10%$4,900
Maryland6–8%$4,700
Massachusetts5–7%$5,400
Michigan7–10%$3,800
Minnesota7–9%$4,100
Mississippi9–13%$3,200
Missouri7–10%$3,500
Montana8–12%$3,900
Nebraska8–11%$3,700
Nevada6–9%$3,800
New Hampshire6–9%$5,200
New Jersey5–7%$5,800
New Mexico8–11%$3,600
New York5–7%$4,800
North Carolina7–9%$3,800
North Dakota8–12%$3,900
Ohio7–9%$3,900
Oklahoma8–11%$3,400
Oregon6–8%$4,500
Pennsylvania6–9%$4,200
Rhode Island6–8%$5,600
South Carolina7–10%$3,700
South Dakota8–12%$3,800
Tennessee7–10%$3,700
Texas7–9%$3,748
Utah6–9%$3,700
Vermont7–10%$5,100
Virginia6–8%$4,400
Washington5–7%$4,700
West Virginia9–13%$3,600
Wisconsin7–10%$4,100
Wyoming8–13%$4,200

Select any state to read its full selling guide, including licensing notes and market detail.

4. Using cap rates wisely

Cap rates are a market shorthand, not a price. Two communities in the same state can trade at very different rates. Buyers adjust for occupancy trends, staffing stability, survey history, building age, and whether the community includes memory care. For a forward look at what may move rates, see our U.S. Senior Housing Outlook 2026–2027.

What would your community sell for?

Ranges are a starting point. Haven's free Broker Opinion of Value applies them to your community's actual financials.

Talk to an AdvisorBrowse Listings

This article is general information from Haven Senior Investments. It is not legal, tax, or investment advice. Rules and market conditions vary by state and change over time; confirm specifics with your attorney, CPA, and lender.