Is Senior Housing Ready for the Silver Surge?
July 23, 2018
As baby boomers age, they’ll have a profound effect on industries far and wide. The housing market in particular will see the impact of their massive numbers. With 10,000 boomers retiring per day, according to AARP, the generation has arrived at the doorstep of senior housing facilities.
Baby boomers have always strived for independence, embodying the distinctly American ideal that if you work hard enough, you’ll reach the goals you set. It’s no surprise that this generation has an “I’m too young to live in a place like that” mentality when it comes to traditional nursing homes. So how do senior housing facilities adjust to a generation that highly values independence and has grown accustomed to mass personalization? A few changes we are seeing in facilities across the country answer this question.
Life plan communities
The term “life plan communities” has become a buzzword in the senior housing market over the last few years. As a new name for traditional continuing-care retirement communities, “life plan communities” better reflects a not-so-subtle change in senior housing. These properties offer varied levels of care, allowing residents to remain in a familiar place as their assistance needs change over the years. Life plan communities often integrate independent living, assisted living and memory care into a seamless facility designed to serve residents for many years.
Technology shift
With the growth of online shopping and an increasing number of older people using social media, the baby boomer generation wants to stay connected. We are seeing both new and existing facilities evaluate their technology infrastructure as they shift to the demands of today’s retirees. This shift is not only leading to Wi-Fi accessibility and better TV and video offerings, but also the integration of voice-activated controls such as Alexa and more robust entertainment options, such as theater rooms.
Amenity changes
With more disposable income than the “silent generation” that came before them, baby boomers are used to being able to purchase what they want. Their desire for options is driving the way facilities cater to seniors. With the integration of classically trained chefs, full-size gyms complete with personal trainers, and professionally designed interiors, the senior housing facilities of tomorrow reflect the customization boomers want.
These are just a few of the changes we are seeing in facilities throughout the country. We anticipate more facilities will evaluate their efforts and make adjustments to better serve today’s seniors as the baby boomer generation continues to age. Want to know how facilities are adjusting in your area? Our experienced senior advisors are available to talk to you about the changes they are seeing unfold every day. Take a look at our list of advisors to find the one nearest you.