Enduring Elder Care Opportunities: Reviewing Senior Care Industry Trends in 2018
The modern senior care is a multi-sector, multi-million dollar industry that entrepreneurs across the country are racing to get involved with.
Today, we dig into peer-reviewed research to highlight 4 major industry trends that show the value of our elder care opportunities.
Record-setting senior demographic growth makes for incredible elder care opportunities.
The landscape of senior care in America is changing rapidly. Now elder care opportunities abound as the population swells to incredible size.
Bookman & Kimbrel (2011) report that the population of Americans over the age of 65 has increased eleven-fold in the last century (p. 118). A 5-year old census tallied our senior population at 13% of the whole, accounting for 40.3-million individuals, and those numbers have only continued to climb (p. 118). Demographic analysts expect 80-million American seniors by 2030 – that’s 20% of the population.
American seniors are changing – and so are their care needs.
In addition to record-setting demographic growth over the next two decades, American seniors will be changing in a number of different ways. Research by Bookman & Kimbrel (2011) foregrounds how elderly peoples will lead longer and healthier lives over the coming years, which will place even greater pressure on senior care companies, both in terms of growing their staff rosters to meet new demand and expanding care services to accommodate clients’ newfound mobility and energy.
Bookman & Kimbrel (2011) also note that American seniors’ racial and ethnic diversity will increase in the coming decades, which makes it important to have a diverse and culturally-conscious roster of caretakers to put all clients at ease.
Strong economic markers among seniors highlight value of elder care opportunities.
Though the Great Recession that began in 2007 eroded some seniors’ socioeconomic status and savings, and longer life expectancies will force retirement funds to stretch further than ever before, America’s elderly still enjoy higher levels of wealth, along with easy access to liquidity according to new research by Kaul & Goodman (2017). Not only do over half of aging Gen-Xers and Baby Boomers feel completely financially secure in retirement, but roughly two-thirds of homeowners aged 65 and up own their home without a mortgage, which makes it easy for them to extract home equity and access liquidity needed to cover the costs of premium care.
Still, Executive Care controls for any economic status. With more than 7 potential revenue streams, we offer varying levels of service that fit most budgets. And Executive Care franchises work with insurers, doing all they can to provide the greatest amount of care possible. This keeps our communities healthy and our franchise family thriving.
Real estate markers show seniors want to “age-in-place.”
The hassle of a major move is unwelcome at any age, let alone when you’re trying to settle down and enjoy your Golden Years. More than 90% of Americans prefer to age in their homes than in assisted living centers. And when asked when they expected to move next in the 2017 National Housing Survey, 65% of homeowners aged 55 and up said “never!” (Kaul & Goodman, 2017, p. 8).
Learn more about our elder care opportunities at https://www.executivehomecarefranchise.com.
Bookman, A., & Kimbrel, D. (2011). Families and Elder Care in the Twenty-First Century. The Future of Children,21(2), 117-140. Retrieved from http://www.jstor.org.myaccess.library.utoronto.ca/stable/41289632
Kaul, K., & Goodman, L. (2017). Seniors’ access to home equity. working paper, Urban Institute, available at http://www. urban. org/sites/default/files/publication/88556/seniors_access_to_home_equity. pdf.