What Comes Next? Insights into Senior Living Plans and Preferences
In the coming years, dramatic demographic shifts will deeply impact the senior living industry, affecting technology, services and housing options. As older adults seek to maintain their wellness, safety and comfort, the industry must adapt to their evolving needs.
With the aging world population, the landscape of senior housing is on the cusp of significant transformation. After the pandemic-induced slowdown, the senior living community market faces a resurgence fueled by the increasing numbers of older adults.
- By 2050, 1.6 billion individuals will be 65 or older.
- Within the next decade, 20% of the U.S. population will fall into this age group.
- At the same time, declining birth rates mean fewer people will be available to provide support to our elders.
To capture older adults’ feelings about senior living options, Media Logic’s Consumer In Sight team conducted a survey of adults aged 65 to 84 across the United States. This survey focused on understanding respondents’ current perceptions, preferences and attitudes toward various accommodation options. We then analyzed responses based on age, separating younger (65-74) and older (75- 84) participants, to uncover the nuances that can inform housing and service support for older adults.
Here are a few takeaways:
- Currently, 35% of older adults live alone, and 84% are satisfied with their living situation. Still, nearly half might consider a senior living community within 5 years.
- When older adults are evaluating living options, affordability tops the list of factors, followed by security and location.
- A third of older adults have no definite financial plan for moving to a senior residence.
- Online research is the first step for older adults searching for residential options. It’s crucial for living communities to have a digital presence.
Flip through the deck to see the complete survey findings.
Download a PDF version of the deck here. For more insights into the older adult population, check out our survey on the outlook of older adults in 2024.
Any questions? Reach out to Media Logic today.
