U.S. Senior Living Market Size, Share & Trends Analysis Report By Facility (Skilled Nursing Facility, Assisted Living Facility, Active Adult (55+) Communities/Independent Living, Memory Care) And Segment Forecasts, 2024 - 2030

U.S. Senior Living Market Size, Share & Trends Analysis Report By Facility (Skilled Nursing Facility, Assisted Living Facility, Active Adult (55+) Communities/Independent Living, Memory Care) And Segment Forecasts, 2024 - 2030

U.S. Senior Living Market Size & Trends

The U.S. senior living market size was estimated at USD 923.20 billion in 2023 and is projected to grow at a CAGR of 4.16% from 2024 to 2030, due to the increasing elderly population. Currently, approximately 62 million adults aged 65 and older reside in the U.S., constituting 18% of the population. By 2054, projections suggest that 84 million adults aged 65 and older will comprise an estimated 23% of the population. As life expectancy rises and the baby boomer generation ages, there is a greater demand for various types of senior housing, ranging from independent living to assisted living and memory care facilities. This demographic shift is driving the expansion of senior living, with an emphasis on providing high-quality care and lifestyle amenities. Furthermore, the integration of advanced healthcare services within these facilities ensures that the aging population can access comprehensive medical and wellness support, fostering market growth.

Senior living scenario has changed over the years due to the evolution of family structures. With more dual-income households and fewer multi-generational homes, families are increasingly seeking professional care solutions for their elderly members. This shift is leading to a higher reliance on senior living to provide safe, supportive, and engaging environments for seniors. According to Gallup, the average retirement age increased from 57 in 1991 to 61 in 2022. Additionally, among non-retirees, the anticipated age of retirement has climbed from 60 in 1995 to 66 in 2022. As traditional family caregiving becomes less feasible, the demand for professionally managed senior living options is growing. Facilities that offer a blend of healthcare, social activities, and personal care are particularly appealing to families looking for comprehensive solutions.

Advancements in healthcare have markedly influenced the senior living market. Improved medical treatments and technologies have extended life expectancy, leading to a larger elderly population. These advancements also mean that seniors are living healthier lives, increasing the demand for independent and assisted living facilities that offer medical care and wellness programs. Moreover, the integration of telemedicine and remote monitoring in senior living communities enhances the quality of care, making these options more attractive to seniors and their families.

Additionally, a substantial portion of service units or beds is dedicated to nursing care, staffed by skilled nursing professionals. These facilities provide essential services such as nursing care, 24-hour supervision, three meals daily, and assistance with daily activities. Additionally, they offer physical, occupational, and speech therapy, along with various other rehabilitation services.

Furthermore, economic considerations play a crucial role in the dynamics of the senior living market. The affordability of senior living options, influenced by factors such as income levels, housing costs, and healthcare expenses, affects consumer choices. Many seniors rely on a combination of Social Security, pensions, and personal savings to cover living costs. Economic downturns can impact the ability of seniors to afford private-pay senior living options, thereby increasing the demand for government-subsidized or lower-cost alternatives. Conversely, economic prosperity can boost market growth by increasing disposable incomes and the ability to invest in premium senior living arrangements.

U.S. Senior Living Facilities Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the U.S. senior living market report based on facility.

• Facility Outlook (Revenue, USD Billion; 2018 - 2030)
• Skilled Nursing Facility
• Assisted Living Facility
• Active Adult (55+) Communities/Independent Living
• Memory Care
• Regional Outlook (Revenue, USD Billion; 2018 - 2030)
• Southeast
• West
• Midwest
• Northeast
• Southwest

Please note The report will be delivered in 4-8 business days upon order notification.