The senior housing sector in America is witnessing significant growth, largely due to the aging Baby Boomer generation. Average occupancy in this sector rose to 83.7% in Q2 2023, marking eight consecutive quarters of positive growth. This trend indicates a rising demand for senior housing, as it is predicted that by 2030, approximately 25,000 to 40,000 new units will be required annually to accommodate these aging individuals.
As Baby Boomers approach retirement, the criteria for selecting a retirement community are evolving. Comfort, connection, and safety emerge as top priorities, alongside the availability of quality healthcare and an active lifestyle. This reflects a fundamental shift in values, where prospective residents are not only looking for a place to live but a community that fosters social interaction and supportive environments that enhance their quality of life.
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