FYI: Did you know that Medicare doesn’t cover most long-term care? To learn how to afford these costly communities, read our guide: 5 Ways to Pay for Long-Term Care.
As the population ages, the demand for long-term care increases. According to the Administration for Community Living (ACL), the number of seniors in the United States is expected to grow to 80 million by 2040. This projection likely contributes to the rapidly growing market caps for the senior living industry, which includes assisted living facilities, nursing homes, and communities that house older adults.
This article will review some of the key statistics related to the senior living industry, including the size of the market, its trends, and the demographics of residents. The article will also provide some insights into the future of the senior living industry.
FYI: Did you know that Medicare doesn’t cover most long-term care? To learn how to afford these costly communities, read our guide: 5 Ways to Pay for Long-Term Care.
Senior living communities come in a variety of forms and cater to a wide range of needs. We can break them down based on the level of care (both custodial and medical) provided to residents.
The most common types of senior living communities include:
Reports suggest that the senior living industry will grow by nearly $100 billion by 2027 due to the baby boomer population reaching retirement age. The senior population increased by 38.6 percent from 2010 to 2020, its fastest rate of growth in over a century.
What this means for seniors in 2023 and beyond is a rising demand for rooms and employees within the senior living industry, as well as more stringent community requirements and more expensive services. Choosing the right living arrangement for your situation has never been more important for the financial and emotional security of you and your loved ones.