76 million Baby Boomers to transition into senior housing
The American Seniors Housing Association released a definitive report today detailing the senior living priorities of the Baby Boomer generation, who will largely drive the industry's growth for the next 25 years.
"In the years to come, many of the nation's 76 million Baby Boomers will transition into senior housing," ASHA President and CEO David Schless said. "It's imperative that industry leaders understand the Baby Boomers' expectations so they can meet their needs and position themselves for success. Our new report will enable them to do so."
The report -- "Boomers and the Future of Senior Living" -- is based on surveys of more than 7,000 people, of which roughly 80% were Baby Boomers, conducted between December 2021 and March 2022.3
The report includes information on participants' demographics, family and household characteristics, current living accommodations, and location preferences. Among the topline findings:
Nearly 60% of respondents were considering a move, including to a retirement community, within the next four years.
Respondents ranked full kitchen, laundry room with washer/dryer, living room, windows with natural light, and additional storage as their top five in-unit amenities.
Up to 83% of respondents rated exterior home maintenance, lawn and landscaping, 24-hour security, and maintenance of appliances in residence as essential or desirable.
At least half of those likely to or unsure if they would move to a senior living community rated walking trails, on-site storage, indoor fitness centers, activity rooms, convenience stores, family-friendly lounges, and ATMs as essential or desirable.
"These data points provide insight into how Baby Boomers will transform the senior housing industry," said Kristen Paris, vice president of market research at ProMatura Group and lead researcher of the report. "Senior housing leaders need to begin planning now to prepare for the millions of Baby Boomers who will soon call their properties home."
ProMatura conducted a study of independent living prospects for ASHA in 2001, and just a few years ago completed another in 2020. Comparing the two studies gives us insight into how the seniors housing demographic has changed.
“Prospects moving to an independent living community today are older, wealthier, frailer and more likely to use an assistive device than the prospects in 2001,” summarizes ProMatura.
According to ProMatura, today’s residents compared to 20 years ago are:
41% less likely to move to independent living before reaching the age of 80% and 76% more likely to move after reaching 85.
49% less likely to rate their health as excellent or good.
50% more likely to have fallen in the last six months.
33% more likely to have been hospitalized overnight.
27% more likely to use a cane.
128% more likely to use a walker.
100% more likely to use a wheelchair.
21% more likely to be limited in mobility.
80% more likely to receive home healthcare services.
29% more likely to have long-term care insurance.
147% more likely to have an annual household income of $100,000 or more.
148% more likely to have a net worth of $2 million or more.
68% less likely to live in a community with an entrance fee.
56% more likely to pay rent.