United States Senior Living Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Senior Living Market covers Segmentation by Property Type (Assisted Living, Independent Living, Memory Care, Nursing Care, and Other Property Types) and Key States (New York, Illinois, California, North Carolina, Washington, and Rest of United States). The report offers size and forecasts for all the above segments in value (USD billion).

Market Snapshot

united states senior living market analysis
Study Period: 2018-2027
Base Year: 2021
CAGR: >5.2 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The US senior living market is expected to register a CAGR of more than 5.2% during the forecast period 2022-2027.

The COVID-19 pandemic severely impacted the senior living market as occupancy rates declined and senior housing construction activities were reduced due to pandemic-induced restrictions and social distancing protocols. Now the market is in a recovery phase, despite the low occupancy rates since the demand for senior housing improved in the second quarter of 2021.

Furthermore, assisted living and independent living properties both experienced significant growth in occupancy rates, accounting for more than 80% and 70%, respectively. In addition, the market experienced the highest occupancy rates in San Jose (83.7%), Portland (83.4%), San Francisco (83.4%), etc. Also, low occupancy rates were noted in Houston (73.0%), Atlanta (74.8%), Las Vegas (74.9%), etc.

Most of the senior housing communities are present in the Southeast region of the United States with 3706 communities, followed by West (3436), Northeast (3320), North Central (3303), and South Central (2244). The Southeast region includes North Carolina, South Carolina, Tennessee, Georgia, Florida, Alabama, Mississippi, Arkansas, Louisiana, Texas, etc. The Northeast region includes Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, and Pennsylvania. The West region comprises Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada, California, Oregon, Washington, Alaska, Hawaii, etc.

Scope of the Report

The US senior living market provides a wide range of housing and lifestyle options suitable for the needs of an aging population. The report on the US senior living market includes market dynamics, technological trends, insights, and government initiatives related to the market. Also, the report covers segmentation by property type (assisted living, independent living, memory care, nursing care, and other property types) and key states (New York, Illinois, California, North Carolina, Washington, and Rest of United States). The report offers market size and forecasts for all the above segments in value (USD billion).

By Property Type
Assisted Living
Independent Living
Memory Care
Nursing Care
Other Property Types
By Key States
New York
Illinois
California
North Carolina
Washington
Rest of United States

Report scope can be customized per your requirements. Click here.

Key Market Trends

Senior Housing Witnessing Increased Demand

The senior housing sector is experiencing significant growth, and it is popular for real estate investments. The demand for this sector is driven by a growing aging population in the country and their healthcare needs.

Furthermore, a rise in the life expectancy of the country’s citizens calls for increased investments in the senior housing sector to support a longer-living population. According to the Centers for Disease Control and Prevention, the average life expectancy in the country was 76.9 in 2000, which will increase to 85.6 in 2060 due to medical innovations, prevention programs, and support and medication for chronic diseases.

Moreover, the senior housing occupancy rates saw significant growth in the fourth quarter of 2021 by more than 80% compared to the third quarter of 2021. In addition, the absorption of housing units experienced a growth rate of 2.3% in the fourth quarter of 2021 compared to the fourth quarter of 2020.

The demand for the sector is being experienced from all regions across the nation, including the Southeast, Northeast, North Central, South Central, and West regions. The Northeast region accounted for the highest number of senior housing units in the country with 483,900 in 2021, followed by Southeast and North Central.

united states senior living market share

Nursing Care Communities Experiencing Significant Growth

The demand for nursing care is increasing significantly due to the increase in the baby boomer generation, born before World War 2, in the United States. This aging population requires higher health support and more senior living communities.

Furthermore, the nursing community sector is driven by severe health conditions of senior citizens, such as chronic heart diseases, Alzheimer’s and dementia, arthritis, and high blood pressure, which need to be monitored by skilled nursing staff. In addition, they provide typical services, including nursing care, 24-hour supervision, three meals a day, and assistance with everyday activities. These centers also provide rehabilitation services, such as physical, occupational, speech therapy, etc.

On the other hand, prices of the beds increased by 22%, with expenses averaging USD 3320 per bed for nursing care. In addition, a major number of service units or beds are contributed with nursing care, amounting to more than 46%, which accounts for approximately 43,725 beds with the skilled nursing staff.

united states senior living market forecast

Competitive Landscape

The senior living market is fragmented in the United States. Furthermore, the market is majorly dominated by local and small developers. Higher competition exists among the fragmented players. In addition, players are expanding their businesses through mergers, acquisitions, strategic partnerships, and new project launches to meet customer needs. Some of the major players in the market include Brookdale Senior Living Inc., Five Star Senior Living, Sunrise Senior Living, Holiday Retirement, and LCS.

Recent Developments

In January 2022, Quality Senior Living, a senior housing development and management company, entered a partnership with LongueVue Capital portfolio company, a private equity firm. This partnership announced the sale of two premier senior living communities, namely, The Blake at Colonial Club (TBACC) and The Blake at Charlottesville (TBAC), to a publicly-traded real estate investment trust. These two communities comprise 118-unit assisted living and memory care communities.

In December 2021, Five Star Senior Living, a provider of senior living management and rehabilitation and wellness services, entered a partnership with DispatchHealth, a leading provider of in-home medical services, to provide on-demand acute care to independent living, assisted living, and memory care residents in Five Star communities. This partnership also enables services, such as treatment for viral or bacterial infections, asthma attacks, wounds, bed sores and pressure ulcers, and minor fractures and sprains.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Dynamics

      1. 4.2.1 Market Drivers

      2. 4.2.2 Market Restraints

      3. 4.2.3 Market Opportunities

    3. 4.3 Insights into Technological Innovation in the Senior Living Sector

    4. 4.4 Government Regulations and Initiatives

    5. 4.5 Supply Chain/Value Chain Analysis

    6. 4.6 Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Property Type

      1. 5.1.1 Assisted Living

      2. 5.1.2 Independent Living

      3. 5.1.3 Memory Care

      4. 5.1.4 Nursing Care

      5. 5.1.5 Other Property Types

    2. 5.2 By Key States

      1. 5.2.1 New York

      2. 5.2.2 Illinois

      3. 5.2.3 California

      4. 5.2.4 North Carolina

      5. 5.2.5 Washington

      6. 5.2.6 Rest of United States

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 Brookdale Senior Living Inc.

      2. 6.2.2 Five Star Senior Living

      3. 6.2.3 Sunrise Senior Living

      4. 6.2.4 Holiday Retirement

      5. 6.2.5 Enlivant

      6. 6.2.6 LCS

      7. 6.2.7 Erickson Senior Living

      8. 6.2.8 Atria Senior Living Inc.

      9. 6.2.9 Senior Lifestyle

      10. 6.2.10 Sonida Senior Living

      11. 6.2.11 Ventas

      12. 6.2.12 Watermark Retirement Communities

      13. 6.2.13 Quality Senior Living*

    3. *List Not Exhaustive
  7. 7. FUTURE OF THE UNITED STATES SENIOR LIVING MARKET

  8. 8. APPENDIX

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The United States Senior Living Market market is studied from 2018 - 2027.

The United States Senior Living Market is growing at a CAGR of >5.2% over the next 5 years.

Brookdale Senior Living Inc., Five Star Senior Living, Sunrise Senior Living, Holiday Retirement, LCS are the major companies operating in United States Senior Living Market .

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!