UNITED STATES SENIOR LIVING MARKET Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The 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 the Rest of the United States). The report offers market sizes and forecasts in value (USD billion) for all the above segments.

United States Senior Living Market Size

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United States Senior Living Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 99.82 Billion
Market Size (2029) USD 131.20 Billion
CAGR (2024 - 2029) 5.62 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

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United States Senior Living Market Analysis

The United States Senior Living Market size is estimated at USD 99.82 billion in 2024, and is expected to reach USD 131.20 billion by 2029, growing at a CAGR of 5.62% during the forecast period (2024-2029).

  • 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 3,706 communities, followed by West (3,436), Northeast (3,320), North Central (3,303), and South Central (2,244). The Southeast region includes North Carolina, South Carolina, Tennessee, Georgia, Florida, Alabama, Mississippi, Arkansas, Louisiana, and Texas.
  • 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, and Hawaii.

United States Senior Living Market Trends

Senior Housing Witnessing Increased Demand

  • The senior housing sector is experiencing significant growth and 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 country's citizens' life expectancy calls for increased senior housing investments to support a longer-living population. According to the Centers for Disease Control and Prevention, the average life expectancy in the country was 76.4 years in 2022, which will increase to 85.6 in 2060 due to medical innovations, prevention programs, and support and medication for chronic diseases.
  • As rental rates rose at the highest rate in NIC history year over year, senior housing occupancy rates climbed for the fifth consecutive quarter. In the third quarter of 2022, senior living occupancy rose one percentage point to 82.2%, showing that the post-Covid-19 recovery is progressing gradually.
  • According to NIC, the demand for assisted living has increased more than the demand for autonomous living. Although occupancy in assisted living facilities has not yet returned to pre-pandemic levels, this is because additional inventory was added during the pandemic.
  • Boston and Minneapolis had the greatest occupancy rates in the third quarter of the 31 major NIC MAP Vision metro markets, at 88.3% and 86.2%, respectively, while Houston, Atlanta, and Cleveland had the lowest rates, at 76.8%, 78.1%, and 79.1%, respectively.
  • Strong demand that outpaced inventory development was the primary driver of the increase in 3Q. In the 31 NIC MAP Vision main markets as of the quarter, there were only 2,400 occupied senior living units, less than pre-pandemic levels.
United States Senior Living Market: The United States Senior Housing Units, in 000' Volume, Q1 2022.

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, the prices of the beds increased by 22%, with expenses averaging USD 3,320 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: Number of Units or Beds, Share (%), Q1 2022

United States Senior Living Industry Overview

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.

United States Senior Living Market Leaders

  1. Brookdale Senior Living Inc.

  2. Five Star Senior Living

  3. Sunrise Senior Living

  4. Holiday Retirement

  5. Life Care Services

*Disclaimer: Major Players sorted in no particular order

United States Senior Living Market Concentration
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United States Senior Living Market News

  • Apr 2023: For seniors looking for innovative, high-quality care, Avista Senior Living is transitioning away from its SafelyYou partnership to empower safer, more personalized dementia care with real-time, AI video and remote clinical experts 24/7.
  • Feb 2023: Lee Equity Partners LLP (Lee Equity), a specialized investment firm advised by funds advised by the Lee Equity Group LLC (the 'Lee Equity Group'), entered into an investment agreement to form a strategic partnership with Integral Senior Living Management LLC (ISL) to form a senior living management company that will be the fifth-largest senior living operator in the US, with a nationwide presence and leading management capabilities.

US Senior Living Market Report - 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

        1. 4.2.1.1 Increase in Aging Population

        2. 4.2.1.2 Healthcare and Long-term Care Needs

      2. 4.2.2 Market Restraints

        1. 4.2.2.1 High Affordability and Cost of Care

        2. 4.2.2.2 Staffing and Workforce Challenges

      3. 4.2.3 Market Opportunities

        1. 4.2.3.1 Technological Innovations

    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 Industry Attractiveness - 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 The Golden Estate*

    3. *List Not Exhaustive
  7. 7. FUTURE OF THE MARKET

  8. 8. APPENDIX

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United States Senior Living Industry Segmentation

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. 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 the Rest of the United States). The report offers the market size in value terms in USD for all the abovementioned segments.

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
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US Senior Living Market Research FAQs

The United States Senior Living Market size is expected to reach USD 99.82 billion in 2024 and grow at a CAGR of 5.62% to reach USD 131.20 billion by 2029.

In 2024, the United States Senior Living Market size is expected to reach USD 99.82 billion.

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

In 2023, the United States Senior Living Market size was estimated at USD 94.51 billion. The report covers the United States Senior Living Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United States Senior Living Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

United States Senior Living Industry Report

Statistics for the 2024 United States Senior Living market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Senior Living analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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UNITED STATES SENIOR LIVING MARKET Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)