As the population ages, there’s more demand for senior citizen subsidized housing. As a result, more people are turning to seniors homes that offer a variety of space and amenities like personal care and meals that cater to the needs of individuals with different health conditions.
In the future, this trend is likely to keep up as older generations have children who become seniors themselves. In fact, the number of people aged 80 or older is expected to double between 2015 and 2050.
These factors are likely to keep demand for senior housing high in the years to come.
The US population aged 65 or older was 46 million in 2015, but this figure is expected to grow by 47% by 2050, reaching 88 million. The ratio of older persons to those aged under 18 will increase from 3.6% in 2015 to 7.7% in 2050.
According to US Census Bureau, the demand for senior housing is expected to grow. The number of people aged 65 or older in the US total number was 43.9 million in 2015, up from 41.4 million in 2010 and 36.3 million in 2000.
The average monthly income for all housing units with one or more persons over 65 was $1,579 in 2015, an increase of 20% from $1,337 in 2005 and 25% from $1,154 in 2000.
Meanwhile, the average monthly income for households with seniors and only one member was $861 in 2015, up from $692 in 2000 and about the same as $851 in 2005.
This includes households with income less than $500 a month. The most common form of living arrangement for Americans aged 65 years or older is living independently without assistance from others. From 2010 to 2015, the proportion of elderly who lived alone increased from 28% to 31%. The number of elderly who lived alone increased from 12.3 million in 2010 to 13.6 million in 2015, an increase of 10%.
In 2015, nearly half of the people aged 65 or older (47%) resided in their own household (including living with others), while 40% had a family member living with them. Another 10% resided in a senior housing facility such as a retirement community or assisted-living center, and 3% lived in a nursing home or other medical institution.
Nearly one in four people aged 65 or older (24%) resided in a multi-generational household, that is, they lived with at least one of their children, their child’s spouse or partner, and the grandchild(ren) of any such persons. In addition, nearly 8% lived with other relatives (including nonrelatives but excluding spouses or partners), while 2% lived alone.
The proportion of elderly living alone grew from 28% to 31% in 2010 to 2015. However, the number of elderly living with family members increased by 10% over that period.
While Americans aged 75 and older were most likely to live alone (41%), those aged 65 to 74 were most likely to live with a family member, including a spouse or partner and/or their children (52%).
Women were more likely than men to live independently (52% vs. 42%) while they tended to be less likely than men to live in multi-generational households (19% vs. 26%).