GITNUX MARKETDATA REPORT 2024

Senior Living Industry Statistics [Fresh Research]

Highlights: Senior Living Industry Statistics

  • 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.
  • 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.
  • Assisted living residents are typically older, with an average age of 87, and the majority (71%) are female.
  • By 2030, 20% of the US population will be aged 65 or older
  • The total senior living industry market size is projected to reach $436.6 billion by 2028.
  • Approximately 649,200 people were employed in the senior living and care industry in 2020.
  • There is a forecasted demand for an additional 881,000 senior living units by 2030.
  • The global adult daycare services market is projected to reach $65.34 billion by 2025.
  • 52% of senior living residents require assistance with at least two activities of daily living (ADLs).
  • Assisted living has the highest annual median cost of all senior living options at $48,000.
  • The average age of a senior living resident is approximately 84 years old.
  • Approximately 41% of assisted living residents have Alzheimer’s or another form of dementia.
  • The average length of stay for a senior living resident is 22 months.
  • Approximately 80% of senior living residents have at least one chronic health condition.
  • The senior living industry has a projected annual revenue growth rate of 4.9% from 2020 to 2025.
  • Home health care is the most desired senior living option, with 75% of seniors preferring it over other options.

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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

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.
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.

By 2030, 20% of the US population will be aged 65 or older

This statistic is a stark reminder of the rapidly aging population in the US, and the implications this has for the Senior Living Industry. As the number of seniors grows, so too does the demand for senior living services, making it an increasingly important sector of the economy.

With this in mind, it is essential for businesses in the Senior Living Industry to stay informed of the latest trends and developments in order to remain competitive.

The total senior living industry market size is projected to reach $436.6 billion by 2028.

It is a clear indication that the senior living industry is a lucrative and viable option for those looking to invest in the future. This statistic is a valuable insight into the potential of the senior living industry and should be taken into consideration when discussing the industry’s future.

Approximately 649,200 people were employed in the senior living and care industry in 2020.

The industry is a major employer, providing jobs to hundreds of thousands of people across the country. This statistic is a testament to the industry’s economic impact and its importance to the overall health of the economy.

There is a forecasted demand for an additional 881,000 senior living units by 2030.

It speaks to the increasing demand for senior living services and the need for more housing options to accommodate the aging population. With this in mind, it is clear that the senior living industry is poised for growth and should be taken seriously as a viable investment opportunity.

The global adult daycare services market is projected to reach $65.34 billion by 2025.

As the population of seniors continues to grow, so too does the need for specialized care and services. This statistic highlights the potential for growth in the senior living industry, as well as the need for more services to meet the needs of this growing demographic.

52% of senior living residents require assistance with at least two activities of daily living (ADLs).

This highlights the need for a high level of assistance with activities of daily living, which is essential for the wellbeing of seniors. This statistic is an important reminder of the importance of providing quality care and services to seniors in the senior living industry.

Assisted living has the highest annual median cost of all senior living options at $48,000.

This is an important piece of information to consider when researching senior living options, as it can help individuals and families plan for the financial implications of their decision.

The average age of a senior living resident is approximately 84 years old.

More and more seniors are choosing to live in senior living communities, and that the average age of these residents is increasing. This statistic is a valuable insight into the senior living industry, and can help inform decisions about the types of services and amenities that should be offered to meet the needs of this growing population.

Approximately 41% of assisted living residents have Alzheimer’s or another form of dementia.

This highlights the importance of providing quality care and support to those living with these conditions, as well as the need for more research and resources to help those affected.

The average length of stay for a senior living resident is 22 months.

This can be used to inform decisions about the types of services and amenities that should be offered to ensure that residents are comfortable and well-cared for during their stay. Additionally, it can be used to help determine the financial viability of a senior living facility, as longer stays can lead to increased revenue.

Approximately 80% of senior living residents have at least one chronic health condition.

This highlights the importance of providing quality care and support to those living in senior living facilities, as well as the need for resources to help manage chronic health conditions. It also speaks to the need for increased awareness and education about the prevalence of chronic health conditions among seniors, and the importance of providing adequate support and resources to those living with them.

The senior living industry has a projected annual revenue growth rate of 4.9% from 2020 to 2025.

The industry is likely to continue to grow and expand over the next five years, providing a wealth of opportunities for those interested in investing in or working in the sector. As such, it is an important statistic to consider when discussing the senior living industry.

Home health care is the most desired senior living option, with 75% of seniors preferring it over other options.

This information can be used to inform decisions about how to best serve the needs of seniors, and to help shape the future of the senior living industry. It also provides insight into the preferences of seniors, which can be used to create more tailored services and products.

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/

11 – https://www.millioninsights.com

12 – https://www.aarp.org

13 – https://www.senioradvisor.com

14 – https://www.ibisworld.com

15 – https://www.alzheimers.net

16 – https://www.leadingage.org

17 – https://www.grandviewresearch.com

18 – https://www.nreionline.com

19 – https://www.forbes.com

20 – https://www.nia.nih.gov

21 – https://www.ncbi.nlm.nih.gov

FAQs

What is senior living?

Senior living is a type of housing designed for older adults who may need assistance with activities of daily living and/or medical care.

What services are offered in senior living communities?

Services offered in senior living communities can include meals, housekeeping, transportation, recreational activities, and personal care such as bathing, dressing, and medication management.

What are the benefits of senior living?

Benefits of senior living include socialization, access to medical care, and assistance with activities of daily living.

What is the cost of senior living?

The cost of senior living varies depending on the type of housing and services needed.

What types of senior living options are available?

Types of senior living options include independent living, assisted living, memory care, and skilled nursing.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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