Fast Facts: 2018 Home Care Industry Trends in Review
Today’s post overviews 2018 home care industry trends that underscore the value of our franchise opportunity. Read on to learn why now’s the time to get involved in this booming industry.
10,000+ new prospects are added to your target market daily.
More than 10,000 people will age past 65 every day through 2018 and beyond. In fact, this growth is projected to continue for the foreseeable future, with many estimates capping as late as 2050. And that’s not to say America’s senior population growth stops then – that’s just when researchers stopped measuring home care industry trends.
Longer life expectancies increase the need for home care services.
According to a recent study by the Social Security Administration (SSA), American men and women who turn 65 are now expected to live until they’re 84 and 86 years old, respectively (Lopez, 2017).
As life expectancies increase, larger pools of senior populations are created. By 2040, the population of seniors aged 85 and up will have exceeded 14-million, representing a 143% increase from 2013.
Naturally, larger pools of seniors mean greater numbers of Americans relying on qualified home care services, which is exciting news for industry insiders.
The elderly Latino population is outpacing all other subgroups, but every segment is booming.
A 2017 study by the Harvard Journal of Hispanic Policy found that the Latino population will increase by a whopping 249% from 2020 to 2050 (Lopez, 2017, p. 65). This information may be useful for those seeking ways to increase cultural sensitivity and inclusivity in their home care practice.
But America’s senior Latinos aren’t the only group undergoing major change. Here’s how population growth rates break down for all ethnic subgroups between 2020 and 2050, according to Lopez (2017):
- Asian senior populations will grow 208.7%, or by 7.4-million;
- Senior populations who are of two or two or more races will grow 157.2%;
- African American populations will grow 103%, or by 9.9-million;
- Native American populations will grow 91.2%, or by 645,000;
- Non-Hispanic White seniors will populations will grow 24%.
Though demographic increases differ widely between subgroups, we see that every segment of America’s senior population is undergoing serious growth. This has been known for some time, but potential investors will be pleased to see these trends and projections persist in contemporary literature (Lopez, 2017).
Suburban expansion is on the horizon.
The “Graying of America” is disproportionately affecting suburban communities, since Baby Boomers were ostensibly “the first suburban generation” (Frey, 2010). In fact, a reported 39% of suburban residents concentrated around the country’s largest metropolitan areas are Baby Boomers (p. 31).
By 2040, suburban areas will contain more seniors than respective major cities.
Fortunately for our franchisees, Executive Care’s territory system reaches into the suburbs in order to take advantage of these higher concentrations.
Frey, W. (2010). Baby boomers and the new demographics of America’s seniors. Generations, 34(3), 28-37.
López, A. (2017). Beyond the housing crisis: Affordable housing as a platform to address issues affecting our growing senior population. Harvard Journal of Hispanic Policy, 29, 63-75.