Senior Living Trends Expected to Define 2025 and Beyond
As senior living continues to undergo a major transformation, certain trends have begun to emerge as key driving forces of plans strategized by boards across the nation. These trends are to shape the way these organizations position themselves for the future as they capture new customers in the coming months and years.
The first of the major trends is middle-market products. It is becoming apparent that boomers and Generation X haven’t saved for retirement the same as previous generations have. This means for senior living needing to diversify product types to make more affordable and attractive options for those with less. According to the Federal Reserve Board, the median retirement savings of boomers is only $202,000, and more than 40% of 55-to-64 year olds have no retirement savings at all.
And according to the National Investment Center for Seniors Housing & Care, the number of middle-income seniors will double by 2029, further emphasizing the need for this middle product line.
According to McKnights Senior Living, next up on the list of emerging trends is solo agers.
Solo agers are older adults who currently live alone without a life partner, and they are childless.
According to published reports, about a fourth of the older adult population currently is in this category, and this percentage increases each year. The Mather Institute reports that 42% of solo agers are not satisfied with their lives, and they have poorer mental health than those in the “supported agers” category. This may be due to isolation, loneliness and depression, as the report found that solo agers have less daily contact with friends or family.
Senior living organizations, recognizing the need to serve this population segment, are spawning new services such as financial planning, volunteer matching, continuing-care-at-home memberships and support networks that will help solo agers create a roadmap for the future. It is anticipated that some campuses of the future will exclusively serve this population segment and offer the services that are unique to it. It is important to note that about 35% of older adults are women compared with about 20% who are men.
