The Senior Living industry’s growth is driven by a couple of key factors that can trump the impact of a sagging economy: need and numbers. People don’t move into an assisted living community or a skilled nursing home because they want to—they do it because they need to. When the health and safety of a loved one is in jeopardy by living alone, families must take action. Adding to this need driven dynamic is the sheer number of seniors and now Baby Boomers beginning to reach retirement age where senior living is becoming a factor in the remaining years of their lives.
Recent reports from leading providers of senior living and long term care such as Emeritus Senior Living, 5 Star Senior Living, Capital Senior Living, Horizon Bay, Belmont Villages, and numerous others bolster this trend. This industry has shown minor growth or declines in occupancy and revenues across the country this year, but in comparison to many other industries such as automobiles, travel, real estate and financial services, the senior living industry appears to be almost recession proof.
For families considering the best options for a loved one this is good news. They can rest assured that there are numerous communities to chose from that are in great fiscal shape. In addition, many of these same communities are offering “Funding Solutions” programs to help seniors pay for the costs of housing and care so they are not forced to wait for the sale of a home or the recovery of their investments.