Senior status: Modern senior housing options are expanding right along with the aging population.

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Date: May-June 2021
From: Journal of Property Management(Vol. 86, Issue 3)
Publisher: Institute of Real Estate Management
Document Type: Article
Length: 1,220 words
Lexile Measure: 1360L

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In 2030, the year the last baby boomers will turn 65, it is estimated that one in five Americans will be 65 or older. The trend is similar around the globe: Worldwide, the number of people aged 60 and over is projected to hit 1.4 billion in 2030, which is a 56% jump from 901 million in 2015, according to the United Nations. As this segment of the population ages into senior status, they have a variety of housing options to consider that meet their individual wants and needs.

The sheer number of offerings and specialized types of care available in senior housing is a major shift from a couple decades ago, says Steve Ring, managing principal at Fulcrum Real Estate & Development, which develops assisted living and memory care facilities. "Twenty years ago, the term 'assisted living' was fairly new, and memory care communities were almost nonexistent," says Ring, a former IREM president.

Today's seniors have a vast array of options:

* Active adult communities, which typically cater to those adults over the age of 55 who are able to live without assistance

* Independent living housing, for seniors who can live on their own but want ease of housekeeping, maintenance, and available meals

* Assisted living communities, which offer assistance with daily activities and needs, such as bathing, and may have available nursing or medical care

* Nursing homes, which provide a higher level of medical care or other assistance around the clock

* Memory care communities, which are specifically designed to meet the needs of seniors with Alzheimer's disease or dementia

Within each of these types of facilities, there can also be low-income options or tax-credit communities.

What seniors want

More options mean more opportunities for seniors to get exactly what they are looking for in housing.

For seniors moving into an independent living environment, the main...

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Gale Document Number: GALE|A662042309