US Senior Living Market Size
| Study Period | 2019-2028 |
| Base Year For Estimation | 2022 |
| Market Size (2023) | USD 94.51 Billion |
| Market Size (2028) | USD 124.22 Billion |
| CAGR (2023 - 2028) | 5.62 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Senior Living Market Analysis
The United States Senior Living Market size is expected to grow from USD 94.51 billion in 2023 to USD 124.22 billion by 2028, at a CAGR of 5.62% during the forecast period (2023-2028).
- Assisted living and independent living properties both experienced significant growth in occupancy rates, accounting for more than 80% and 70%, respectively. In addition, the market experienced the highest occupancy rates in San Jose (83.7%), Portland (83.4%), San Francisco (83.4%), etc. Also, low occupancy rates were noted in Houston (73.0%), Atlanta (74.8%), Las Vegas (74.9%), etc.
- Most of the senior housing communities are present in the Southeast region of the United States, with 3,706 communities, followed by West (3,436), Northeast (3,320), North Central (3,303), and South Central (2,244). The Southeast region includes North Carolina, South Carolina, Tennessee, Georgia, Florida, Alabama, Mississippi, Arkansas, Louisiana, and Texas.
- The Northeast region includes Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, and Pennsylvania. The West region comprises Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada, California, Oregon, Washington, Alaska, and Hawaii.
US Senior Living Market Trends
This section covers the major market trends shaping the US Senior Living Market according to our research experts:
Senior Housing Witnessing Increased Demand
- The senior housing sector is experiencing significant growth and is popular for real estate investments. The demand for this sector is driven by a growing aging population in the country and their healthcare needs.
- Furthermore, a rise in the country’s citizens' life expectancy calls for increased senior housing investments to support a longer-living population. According to the Centers for Disease Control and Prevention, the average life expectancy in the country was 76.4 years in 2022, which will increase to 85.6 in 2060 due to medical innovations, prevention programs, and support and medication for chronic diseases.
- As rental rates rose at the highest rate in NIC history year over year, senior housing occupancy rates climbed for the fifth consecutive quarter. In the third quarter of 2022, senior living occupancy rose one percentage point to 82.2%, showing that the post-Covid-19 recovery is progressing gradually.
- According to NIC, the demand for assisted living has increased more than the demand for autonomous living. Although occupancy in assisted living facilities has not yet returned to pre-pandemic levels, this is because additional inventory was added during the pandemic.
- Boston and Minneapolis had the greatest occupancy rates in the third quarter of the 31 major NIC MAP Vision metro markets, at 88.3% and 86.2%, respectively, while Houston, Atlanta, and Cleveland had the lowest rates, at 76.8%, 78.1%, and 79.1%, respectively.
- Strong demand that outpaced inventory development was the primary driver of the increase in 3Q. In the 31 NIC MAP Vision main markets as of the quarter, there were only 2,400 occupied senior living units less than pre-pandemic levels.
Nursing Care Communities Experiencing Significant Growth
- The demand for nursing care is increasing significantly due to the increase in the baby boomer generation, born before World War 2, in the United States. This ageing population requires higher health support and more senior living communities.
- Furthermore, the nursing community sector is driven by severe health conditions of senior citizens, such as chronic heart diseases, Alzheimer’s and dementia, arthritis, and high blood pressure, which need to be monitored by skilled nursing staff.
- In addition, they provide typical services, including nursing care, 24-hour supervision, three meals a day, and assistance with everyday activities. These centres also provide rehabilitation services, such as physical, occupational, speech therapy, etc.
- On the other hand, the prices of the beds increased by 22%, with expenses averaging USD 3320 per bed for nursing care. In addition, a major number of service units or beds are contributed with nursing care, amounting to more than 46%, which accounts for approximately 43,725 beds with the skilled nursing staff.
US Senior Living Industry Overview
The senior living market is fragmented in the United States. Furthermore, the market is majorly dominated by local and small developers. Higher competition exists among the fragmented players.
In addition, players are expanding their businesses through mergers, acquisitions, strategic partnerships, and new project launches to meet customer needs. Some of the major players in the market include Brookdale Senior Living Inc., Five Star Senior Living, Sunrise Senior Living, Holiday Retirement, and LCS.
US Senior Living Market Leaders
Brookdale Senior Living Inc.
Five Star Senior Living
Sunrise Senior Living
Holiday Retirement
Life Care Services
*Disclaimer: Major Players sorted in no particular order
US Senior Living Market News
- February 2022: Sonida Senior Living, Inc., a principal owner and operator of senior living communities, announced that it had purchased two recently renovated senior living communities for approximately USD 12.3 million.
- January 2022: Quality Senior Living, a senior housing development and management company, entered a partnership with LongueVue Capital portfolio company, a private equity firm. This partnership announced the sale of two premier senior living communities, The Blake at Colonial Club (TBACC) and The Blake at Charlottesville (TBAC), to a publicly-traded real estate investment trust. These two communities comprise 118-unit assisted living and memory care communities.
US Senior Living Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunities
4.3 Insights into Technological Innovation in the Senior Living Sector
4.4 Government Regulations and Initiatives
4.5 Supply Chain/Value Chain Analysis
4.6 Industry Attractiveness - Porter Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Property Type
5.1.1 Assisted Living
5.1.2 Independent Living
5.1.3 Memory Care
5.1.4 Nursing Care
5.1.5 Other Property Types
5.2 By Key States
5.2.1 New York
5.2.2 Illinois
5.2.3 California
5.2.4 North Carolina
5.2.5 Washington
5.2.6 Rest of United States
6. COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.2 Company Profiles
6.2.1 Brookdale Senior Living Inc.
6.2.2 Five Star Senior Living
6.2.3 Sunrise Senior Living
6.2.4 Holiday Retirement
6.2.5 Enlivant
6.2.6 LCS
6.2.7 Erickson Senior Living
6.2.8 Atria Senior Living Inc.
6.2.9 Senior Lifestyle
6.2.10 Sonida Senior Living
6.2.11 Ventas
6.2.12 Watermark Retirement Communities
6.2.13 The Golden Estate*
- *List Not Exhaustive
7. FUTURE OF THE UNITED STATES SENIOR LIVING MARKET
8. APPENDIX
US Senior Living Industry Segmentation
The US senior living market provides a wide range of housing and lifestyle options suitable for the needs of an aging population.
The report on the US senior living market includes market dynamics, technological trends, insights, and government initiatives related to the market. The report covers segmentation by property type (assisted living, independent living, memory care, nursing care, and other property types) and key states (New York, Illinois, California, North Carolina, Washington, and the Rest of the United States). The report offers market size and forecasts for the United States Senior Living market in value (USD billion) for all the above segments.
| By Property Type | |
| Assisted Living | |
| Independent Living | |
| Memory Care | |
| Nursing Care | |
| Other Property Types |
| By Key States | |
| New York | |
| Illinois | |
| California | |
| North Carolina | |
| Washington | |
| Rest of United States |
US Senior Living Market Research FAQs
How big is the United States Senior Living Market?
The United States Senior Living Market size is expected to reach USD 94.51 billion in 2023 and grow at a CAGR of 5.62% to reach USD 124.22 billion by 2028.
What is the current United States Senior Living Market size?
In 2023, the United States Senior Living Market size is expected to reach USD 94.51 billion.
Who are the key players in United States Senior Living Market?
Brookdale Senior Living Inc., Five Star Senior Living, Sunrise Senior Living, Holiday Retirement and Life Care Services are the major companies operating in the United States Senior Living Market.
United States Senior Living Industry Report
Statistics for the 2023 United States Senior Living market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Senior Living analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
