Is the future of senior living and aging in place changing for baby boomers?
Baby boomers are aging, and the trends in senior living and aging in place have changed significantly because of the pandemic. Despite these changes, the most common living options for healthy seniors are to live alone, move into a senior living facility, or move in with family. The United States Census Bureau estimates that around 10,000 people a day turn 65, and by 2030, all baby boomers will be at least age 65.
The coronavirus pandemic has caused many changes for baby boomers, like shrinking rates in senior living occupancy and slowing growth in inventory. Fewer people are living in senior housing, and the capacity of some senior housing is topping out as baby boomers continue to age. According to the National Investment Center, senior housing occupancy in the fourth quarter of 2020 is the lowest on record. Although, the declines were less pronounced in the fourth quarter than the previous two quarters, yet the decline was quite significant.
Since March of 2020, assisted living and independent living occupancy rates have fallen by 7.4% and 6.2%, respectively. More seniors have been aging at home due to the pandemic, which has caused an increase in demand for health care aids. Moreover, seniors and their families face dilemmas of managing aging in place and scrambling to find reliable home care agencies with resources. However, the future is uncertain as this has been the common trend of 2020 and the beginning of 2021.
The senior living industry continues to battle the latest waves of infections, manage vaccines, and look to the future to what steps are needed to support active senior living and positive mental health within senior care facilities. However, the pandemic has drastically changed the senior living industry. New baby boomers needing senior care will see changes in how senior communities are developed, designed, marketed, and operated. Over the next several years, the pandemic will have reshaped senior living.
Senior living facilities across the nation have mostly offered baby boomers a blend of health care and hospitality, yet healthcare has become paramount because of the pandemic. The focus on healthcare has caused many seniors to have second thoughts about where to live due to the pandemic’s lingering uncertainty. Uncertainty within senior living facilities has placed more attention on aging in place, especially in states like Florida, with one of the largest senior populations according to ECDOL.
Some seniors who planned to move to senior housing are now choosing to live independently or with family. Other seniors are relocating to areas where they can get more assistance when they need it. Aging in place is likely to become the most common way for seniors to live out their retirement. Seniors are also likely to move to states where they can access more homecare services, and families have more support for their loved ones that are aging in place. On-going restrictions and the lack of senior care because of the pandemic are leading to an exodus to states that are managing better.
Joseph Kertis is a featured author of the healthcare website www.ecdol.org.
