United States Senior Living Market Size (2024 - 2029)

The market size of the senior living sector in the United States is projected to grow significantly in the coming years, with a shift in focus from caregiving to wellness in senior living communities. This holistic approach to senior living, offering residents access to fitness facilities, nutrition programs, mental health services, and social activities, is expected to boost the overall quality of life for senior adults. This growth is driven by the aging U.S. population, particularly those over 80, creating a high demand for senior housing and nursing care. Both assisted living and independent living properties have seen substantial growth in occupancy rates, with the majority of senior housing communities located in the Southeast region of the U.S.

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Market Size of United States Senior Living Industry

United States Senior Living Market Summary
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

United States Senior Living Market 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 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

United States Senior Living Market Size Summary

The U.S. Senior Living Market is projected to experience substantial growth in the coming years. This expansion is primarily driven by a rise in the aging population and their healthcare needs. Assisted living and independent living properties are seeing significant increases in occupancy rates, with the highest rates noted in cities such as San Jose, Portland, and San Francisco. The majority of senior housing communities are located in the Southeast region of the U.S., followed by the West, Northeast, North Central, and South Central regions. The senior housing sector is becoming a popular choice for real estate investments, driven by the increasing life expectancy of the country's citizens. This necessitates more investments in senior housing to accommodate a longer-living population. The demand for nursing care is also escalating due to the aging baby boomer generation, which requires more health support and senior living communities. The U.S. Senior Living Market is fragmented, with high competition among small and local developers. Major market players are expanding their businesses through mergers, acquisitions, strategic partnerships, and launching new projects.

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United States Senior Living Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Dynamics

      1. 1.2.1 Market Drivers

      2. 1.2.2 Market Restraints

      3. 1.2.3 Market Opportunities

    3. 1.3 Insights into Technological Innovation in the Senior Living Sector

    4. 1.4 Government Regulations and Initiatives

    5. 1.5 Supply Chain/Value Chain Analysis

    6. 1.6 Industry Attractiveness - Porter Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Property Type

      1. 2.1.1 Assisted Living

      2. 2.1.2 Independent Living

      3. 2.1.3 Memory Care

      4. 2.1.4 Nursing Care

      5. 2.1.5 Other Property Types

    2. 2.2 By Key States

      1. 2.2.1 New York

      2. 2.2.2 Illinois

      3. 2.2.3 California

      4. 2.2.4 North Carolina

      5. 2.2.5 Washington

      6. 2.2.6 Rest of United States

United States Senior Living Market Size FAQs

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.

In 2023, the United States Senior Living Market size is expected to reach USD 94.51 billion.

United States Senior Living Report Snapshots