A recent trend in senior housing is the idea of “walkable communities” where residents have easy access to city amenities. According to the US Census the over-65 population is expected to reach 54.8 million by 2020, up 36 percent from the start of the decade. Despite these statistics, the recent housing crash resulted in the senior housing market as being “virtually in crisis.” Studies show that move-ins slowed and occupancy rates sank, as seniors hung on to their homes while waiting for prices to rise. Moreover, the median age when people move to senior living centers has crept upward, to about 84 from the late 70s, driven by cost-consciousness, better health, and changing preferences, according to the report.
Clearly, the senior housing market is in flux and time will tell how it plays out.
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