What was a small niche is now a massive market opportunity.
While the average senior would rather choose to live at home than move into an assisted living facility, our nation is in the midst of the largest caregiving shortage in history. With not enough trained caregivers to provide adequate care to millions of seniors in their homes, many seniors will opt to live in assisted living environments.
While non-medical home health agencies are scrambling to find caregivers, you will be helping seniors move out of their homes to find the care that they deserve.
A Growth Opportunity
Growth is the defining characteristic of the assisted living industry. Revenues are currently at $12-15 billion per year with no end in sight to an exponential increase in numbers.
The current growth rate of assisted living has been unprecedented. Every day in America, there are tens of thousands of families searching for assisted living homes and communities for their elderly parents or parent.
With over 35,000 assisted living facilities and over one million elderly already in assisted living currently, this industry is exploding! According to the Assisted Living Federation of America, factors contributing to the growth of the industry include:
• Seniors eighty-five and over represent the largest growing population segment in our nation.
• There are currently 40 million seniors in America and it’s expected to grow to 60 million in the next decade.
• By the year 2020, one in four Americans will be over the age of 65.
• Average life expectancy has increased 15 years since the founding of the Social Security System in 1935.
People Can’t Do It Alone
There will be a continued increase in the number of older people who live alone. Women continue to outlive men, and the likelihood that either men or women will live alone increases with age. Societal factors, such as rising divorce rates and the growing numbers of people choosing not to marry, also contribute to this trend. There are other positive “indicators” for the assisted living industry.
The number of persons 80 or older with incomes sufﬁcient to afford assisted living has increased; over 53% will have incomes topping $15,000, and nearly 35% will have incomes of at least $25,000. Increased incomes mean increased demands for more options and more customized solutions to living problems.
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