The senior housing landscape has undergone significant transformation since the start of the COVID-19 pandemic. If you’re considering investing in the senior care industry, understanding these shifts is crucial to making informed decisions.
Get the latest insights on senior housing trends you must know about in 2024. Learn about the state of the senior housing market here.
The Pandemic Effect
COVID-19 brought about a reevaluation of senior housing trends. There’s been a decline in the demand for nursing homes while the appeal of at-home care surged. That’s partially due to senior living communities becoming hotspots for outbreaks, leading many families to reconsider their choices. There’s also an increasing number of seniors looking to “age in place” and remain in their homes for as long as possible, as moving to nursing homes can pose a financial burden on them and their families. A Today’s Homeowner survey found that nearly 90% of people 55 and older want to age in their own homes.
Middle-Income Seniors’ Affordability Quest
The economic repercussions of the pandemic have been far-reaching. Many middle-income seniors are now more price-conscious and are actively seeking affordable senior care options. Research released by NORC at the University of Chicago found that more than 11 million Americans 75 years or older will not be able to afford assisted living and long-term care by 2033. Bethesda Health Group finds that the median yearly cost of living in an assisted living facility was $54,000 in 2021. So, that expense will only increase as inflation rises. Plus, if the senior has paid off their home, why would they want to take on a new living expense such as rent? As a result, there’s a recent shift in senior care demand. That shift underscores the need for innovative solutions catering to this demographic without compromising quality.
One outlet that is growing in response to the affordability quest is in-home care. Brands like A Place At Home, which offers personalized care plans to fit the needs and price points of families, are thriving.
Biggest Changes and Challenges to the Senior Housing Industry
Staffing shortages, especially among nurses, continue to pose a substantial challenge, affecting the industry’s capacity to accommodate more seniors. Companies that focus on taking care of their staff are excelling. For example, A Place At Home locations receive some of the highest satisfaction ratings from their caregivers. More than half of our locations have earned the Home Care Pulse Employer of Choice designation.
Some other significant senior housing trends include a heightened emphasis on chronic condition management and preventative care and a growing desire for enhanced programming in senior living communities. As for the senior housing development trends, the industry faces rising construction and operational costs. These costs often get passed down to residents, making it less affordable for many.
However, it’s not all gloomy. Many senior living businesses adapt to these challenges by incorporating technology to enhance residents’ quality of life. From telehealth services to virtual reality experiences, technology plays a pivotal role in reshaping senior care.
A Place At Home: Leading the Way in Senior Care
The U.S. home healthcare market is expected to grow from $96.08 billion in 2023 to $156.28 billion by 2030, according to Fortune Business Insights. A Place At Home stands at the forefront of the evolving home care industry. Recognizing the challenges and shifts in the industry, we’ve positioned ourselves as a comprehensive solution for seniors. Our range of services, from in-home care to senior living alternatives, ensures seniors receive the best care for their needs.
Furthermore, we understand the importance of affordability without compromising on quality. Our franchise model is designed to provide entrepreneurs with the tools and support needed to succeed in this ever-changing market.
Ready to join the solution and make a meaningful impact in the lives of seniors? Request information today and embark on a rewarding journey in senior care.
