The Baby Boomer generation is aging. Out of the 23 million single baby boomers, 15 million do not have children. According to the recent retirement study conducted by Merrill Lynch, 52 percent of adults aged 75 and older live alone, while among those 85 and older approximately 75% find normal daily activities challenging to perform. This evidences an increasing need for senior living communities that can provide the care that the aging American population needs.
United States Census data demonstrates that the country’s senior citizen population is expected to double within the next 30 years. Specifically, 20% of the U.S. population is projected to be aged 65 and older by 2030. For comparison purposes, in the year 2000, seniors comprised only 12% of the population in the United States. This alteration of the American landscape will no doubt have a major impact on assisted living communities, as well as other businesses catering to seniors. Baby boomers are largely unprepared for their long-term care in their golden years. For example, a California study showed approximately 66% of residents age 40 and older believe they will need care as they age, but a majority of this same population has done little to no planning for their potential assisted living and elder care requirements.
U.S. Aging Population Largely Unprepared for their Long Term Care
A United States Census report demonstrates that at least 40% of Americans aged 65 or older has at least one disability. The same study also found that only 9% live in assisted living or group housing. If this statistic holds in proportion to the projected senior population growth, then it follows that the size of the senior disabled population will exponentially increase. This increase in the senior disabled population will create greater demand for assisted living housing, as well as physical accommodations for disabilities (i.e. ramps and motorized stair lifts. The Census study reports that the most common disability (two thirds of seniors) faced was difficulty with walking or stair climbing. The study reported that difficulty with living independently was reported by almost 50% of seniors. This data is only one example that demonstrates the growing demand for environments that can assist seniors with attending to their daily activities and helping them become more mobile.
If you are looking to get ahead of the increase in demand for senior living communities, as always the experts at Cambridge Realty Capital are here to help. Whether you require financing to build a new community, or want to make improvements to an existing facility, contact one of our financial experts today to discuss your financing options.
