Developers and service providers are grappling with the affordable senior housing dilemma.
By 2029, 54 percent of the nation’s 14.4 million middle-income seniors won’t be able to afford private-pay seniors housing options for long before they exhaust their resources and become eligible for Medicaid. Out-of-pocket costs for assisted living will be $60,000 by then. Those telling—and sobering—statistics are key findings of a study released this past spring by the University of Chicago’s National Opinion Research Center and sponsored by the National Investment Center for Seniors Housing & Care, a Washington, D.C.-based research organization. The key takeaway? There is a huge need for affordable senior housing and care for middle-income seniors.
Pearlon Oyster Bay
“If you think of this as multifamily housing in the workforce world, this is workforce housing, but for seniors,” said Beth Burnham Mace, NIC chief economist and director of outreach.
The study sent a shot over the bow of the senior housing industry, which has to date been most prolific at providing seniors housing solutions in the form of continuing care retirement communities for the top 20 percent of the market and the government-subsidized bottom 20 percent.
Providing this much-needed housing and related services has become the talk of seniors housing conferences, policy and finance summits. “Everybody is paying attention to this market. But nobody has quite figured out how to get their arms around this market, what it’s going to look like,” said John Cochrane, CEO of Pleasanton, Calif.-based HumanGood, which owns and operates 21 continuing care communities serving primarily the upper income demographic as well as 96 affordable senior housing communities......................Read More
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