Where is the Assisted Living industry headed ?
There are 77 million baby boomers in America alone . That is 4,000 people turning 85 every day , 120,000 every month , and 1.4 million this year alone . And this is happening all over the world . The average person living in assisted living is 82 years old , and they will live there for an average of two to three years , maybe even longer . So when we are talking about 1.4 million baby boomers , not all of them will check into assisted living , but a percentage will . The fact is that 70 percent of us are going to need help with our " Activities of Daily Living ", ADL , for an average of three and a half years . Whether they live at home and have someone come in and help them , or they go to a Residential Assisted Living home , they are going to need that help . So we are talking about 30 percent of 1.4 million people , not including the ones who are turning 86 , 87 , 88 , and so on . That is potentially hundreds of thousands of people who are going to need help . Currently there are 1.4 million people living in assisted living , and there will be that much more need each year , which is why you see big box facilities being built . There is a need , but when I needed help with my own mom , I didn ’ t want to send her to a big complex . She wanted to stay at home . But when you do need to send them someplace , you want it to be a home , which is what Residential Assisted Living is .
What is going to happen in the future ?
More and more people are going to need this help , and you want to be the alternative to the big box complex in their own neighborhood . A lot of people are going to want this option . We only need 10 to 12 who want this option over the big complex of 200 or more beds . We may charge more if we have better amenities , or less if we want the business more than the big facility does . We don ’ t want to charge too little or too much . However there is a sweet spot that we charge , and this works all over the country .
Image by Gerd Altmann from Pixabay
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