Market Size of United States Senior Living Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 112.93 Billion |
| Market Size (2029) | USD 150.42 Billion |
| CAGR (2024 - 2029) | 5.86 % |
| Market Concentration | Low |
Major Players
*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 112.93 billion in 2024, and is expected to reach USD 150.42 billion by 2029, growing at a CAGR of 5.86% during the forecast period (2024-2029).
- In 2024 and beyond, senior living communities are expected to shift their emphasis from caregiving to wellness, a trend that is expected to continue. Wellness-focused communities offer residents access to fitness facilities, nutrition programs, mental health services, and various social activities. This holistic approach to senior living is expected to enhance senior adults' overall quality of life.
- The U.S. population is projected to age faster than any other age group in the country over the next decade as baby boomers age beyond retirement. In the U.S., over 10,000 people reach the age of 65 every day.
- In particular, the population of people over 80 in the United States is projected to increase by almost 50% over the next ten years, rising from 13.9 million to 20.8 million. This highlights the huge demand for additional senior housing and nursing care. By comparison, the overall population growth in the United States is projected to be a modest 4.7% over the same period.
- 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.
