The senior population is growing and evolving. This includes the demands and needs of seniors and their preferences for living arrangements and care. Firms like Nelson Partners are betting that the demand for assisted living will only continue to grow in the next few years.
There are a number of reasons for this projected growth, and in this article, we will look at some of the most prevalent.
One important change we’re seeing is a higher demand for assisted living facilities (ALF) over nursing homes. The desire to live in an ALF will be even stronger in 2022 than ever, according to industry research. The demand will be fueled by several factors, including the following:
- Seniors are demanding more privacy and independence than they would experience in a nursing home.
- There is increased awareness of the need to avoid depleting family savings on long-term care costs; ALFs make this possible while also providing a high degree of care to their residents.
- The rise in chronic diseases, such as Alzheimer’s disease and Parkinson’s, has prompted seniors to seek assisted living facilities that can meet their changing needs. Over time, these illnesses can affect both cognitive and motor abilities and also cause behavioral issues. This makes it nearly impossible for seniors to live on their own. In assisted living facilities, they will receive the support and care that they need.
- Due to millennials’ heightened interest in healthy lifestyles from an early age, seniors are looking for a similar experience in senior housing communities.
Just as each person is unique, so too are the needs of our aging population. ALFs provide seniors with personalized care, including assistance with daily living activities. All told, the trend toward putting preference over nursing homes will fuel demand for assisted living facilities in 2022.
There are other factors that work in favor of continued growth in the assisted living market, including:
- As a nation, we are experiencing a shortage of skilled healthcare workers. This makes it difficult for many seniors to receive the care they need at home or in some other sort of group living situation.
- According to Census Bureau projections, the population is aging rapidly; by 2030, older adults will make up one-fifth of U.S. residents.
- In the next decade, there will be more than 70 million people over the age of 65 in the United States. This population is increasingly seeking out assisted living facilities as a viable option for aging gracefully.
- The growth in ALFs does not come at the expense of nursing homes. In fact, the two markets are complementary; as the need for skilled nursing increases, the demand for ALFs will also grow.
All told the assisted living market is projected to experience significant growth in the next few years. This is good news for seniors and their families, as it will mean more options and better care. Firms like Nelson Partners are well-positioned to capitalize on this trend and help support seniors so they can continue to live at home.