Trends in the senior living industry

Senior living industry trends  

Caring for our aging and senior populations can present both opportunities and challenges for providers, especially religious congregations. Religious congregations often have options to open their facilities and property to the public, including aging populations in the general community, development partners and senior living operators. Congregations should consider the advantages and drawbacks to serving these populations, whether in current facilities or new facilities developed with a partner. When considering serving seniors in the broader community as well as in their own community, it is important to understand aging services trends that can impact the congregation as a provider facility, including demographics, facility and services, and design and development.  

Demographic trends 

There is a common misconception that our country is at the point of having the highest numbers of people reaching the age in which they most often require senior living options. Today, there are more than 46 million older adults over age 65 living in the U.S.; by 2050, that number is expected to grow to almost 90 million. Between 2020 and 2030 alone, the time frame in which the last of the baby boom cohorts reach age 65, the number of older adults is projected to increase by almost 18 million. According to the U.S. Census, by 2030, 1 in 5 persons in the U.S. will be over 65, with rural areas tending to have a higher percentage of older adults and an increasingly older population.  

Although we typically refer to seniors as persons 65 and older, the average age of residents living in senior care or housing facilities is typically much higher. Most senior housing has set age restrictions at 55+, and while some seniors do decide to move to a robust continuum of care campus that provides “active adult” services, the actual average age of seniors using these housing options is about 86. It is important, therefore, to evaluate aging trends in the general community carefully to assess whether enough seniors over the age of 80 would be prospects for a development at a particular campus and evaluate the current and future need to determine whether developing options on the property is the right solution.  

It is frequently misunderstood that the great graying of our population has occurred or is occurring. Actually, it is not quite here — yet. The actual senior “boom” and, consequently, demand for senior services will not occur until after 2028. For congregations evaluating whether to open their property to the general community to serve seniors, from a demographic perspective, the greatest opportunity to be of service is still a bit into the future. This does not mean that there are not opportunities to serve; it does mean congregations should be diligent about evaluating the gaps in senior services in the specific area before moving forward.