The senior living industry is rapidly growing, and with it comes a wealth of data and statistics. In this blog post, we will explore the latest trends in senior living and discuss the most important statistics that you should know. From the number of seniors living in assisted living communities to the cost of care, we will provide an in-depth look at the senior living industry and the impact it has on our society.
We will also discuss how these statistics can help you make informed decisions when it comes to choosing a senior living option for yourself or a loved one. So, let’s dive in and explore the fascinating world of senior living industry statistics.
Senior Living Industry: Most Important Statistics
Haven Senior Investments specializes in investing in senior living facilities and healthcare real estate, where 2-4% of seniors in the U.S. reside. Memory care is more expensive than traditional assisted living, and the majority of residents are in their 80s, with an average age of 84.
40% of assisted living communities in the US are located in the Western region, with California having the most (5.9 thousand) and Wyoming having the least (20).
Senior Living Industry: Statistics Overview
Grand View Research estimates that the U.S. assisted living facility market size was valued at USD 91.8 billion in 2022 and is expected to grow at a CAGR of 5.53% from 2023 to 2030.
The aging population is projected to reach 95 million by 2060, meaning there will be an increased demand for assisted living facilities.
The Retirement Communities industry is estimated to have a market size of $94.2bn in 2023 and is expected to decline -1.2% in the same year.
This provides a snapshot of the current market size and the projected growth or decline of the industry. This information can be used to inform decisions on investments, marketing strategies, and other business decisions.
Haven Senior Investments specializes in investing in senior living facilities and healthcare real estate, where 2-4% of seniors in the U.S. reside. Memory care is more expensive than traditional assisted living, and the majority of residents are in their 80s, with an average age of 84.
This provides insight into the age and health of the population that is likely to be using these facilities, and the cost associated with providing care for those with memory impairments.
Assisted living residents are typically older, with an average age of 87, and the majority (71%) are female.
This provides insight into the demographic of people who are utilizing assisted living facilities and allows for the industry to better tailor their services to meet the needs of their target audience.
There are currently 3.15 million units at 24,500 investment grade seniors housing and care properties in the United States, with nursing care beds accounting for half of the units and nursing care communities accounting for 46% of the properties.
This provides insight into the size and scope of the industry, and the relative importance of nursing care beds and communities. This information can be used to inform decisions about investments, services, and resources for seniors.
Assisted living and independent living properties both experienced significant growth in occupancy rates, accounting for more than 80% and 70%, respectively.
This demonstrates that occupancy rates are increasing, which indicates that more people are choosing to live in assisted living and independent living properties.
This is a positive sign for the industry and suggests that it is a viable option for seniors who are looking for housing options.
40% of assisted living communities in the US are located in the Western region, with California having the most (5.9 thousand) and Wyoming having the least (20).
This shows the regional distribution of assisted living communities in the US and highlights the states with the highest and lowest number of nursing facility residents.
This information is important for understanding the senior living industry and can help inform decisions related to the development and management of assisted living communities.
There are 19,232 Retirement Communities businesses in the US as of 2023, an increase of 1.2% from 2022, with the most number of businesses in California, Washington, and Florida.
This shows the growth of Retirement Communities businesses in the US, and which states have the most businesses.
This information can be used to inform decisions about investments, marketing strategies, and other business decisions.
Assisted living costs in the US range from $3,000 to $6,690 per month, with the median cost for a home health aide being $4,576 and the median cost of a nursing home being nearly $9,000 per month.
This provides an indication of the costs associated with senior living facilities and healthcare real estate, which is the focus of Haven Senior Investments.
Knowing the cost of assisted living in different states can help the firm make informed decisions about where to invest.
Assisted living services in Florida average around $3,000 a month for all-inclusive care, and a couple retiring today will need about $285,000 to cover expected medical expenses during their retirement.
This provides insight into the cost of living in an independent living community or an assisted living facility in Florida, and how much money a couple needs to save in order to cover medical expenses during retirement.
Conclusion
The senior living industry is a rapidly growing sector of the economy, and the statistics show that this trend is likely to continue. The demand for senior living services is expected to increase significantly in the coming years, and the industry is well-positioned to meet this demand.
With a variety of services and amenities, the senior living industry is a great option for seniors who want to maintain their independence and quality of life. With the right resources and support, seniors can enjoy a comfortable and secure lifestyle in a senior living community.
References
1 – https://www.grandviewresearch.com/industry-analysis/us-assisted-living-facility-market#:~:text=Report%20Overview,5.53%25%20from%202023%20to%202030.
2 – https://www.ibisworld.com/industry-statistics/market-size/retirement-communities-united-states/
3 – https://havenseniorinvestments.com/blog-post/2021-assisted-living-statistics/
4 – https://www.aplaceformom.com/caregiver-resources/articles/assisted-living-statistics#assisted-living-resident-demographics
5 – https://www.nic.org/industry-resources/industry-faqs/property-market-size-property-types-seniors-housing-care/
6 – https://www.mordorintelligence.com/industry-reports/united-states-senior-living-market
7 – https://blog.gitnux.com/assisted-living-industry-statistics/
8 – https://www.ibisworld.com/industry-statistics/number-of-businesses/retirement-communities-united-states/#:~:text=California%20(8%2C390%20businesses)%2C%20Washington,Communities%20businesses%20in%20the%20US.
9 – https://havenseniorinvestments.com/blog-post/2021-assisted-living-statistics/
10 – https://www.assistedliving.org/senior-housing/the-average-cost-of-senior-living/
