Authored article by Julie Ferguson for Western Real Estate Business
The senior living sector is on the mend after a year of unknowns and challenges. From integrating open space environments to installing devices for improved airflow, the pandemic has shifted the way senior living communities are designed. In addition to distinctive approaches to community layout and features, population changes within different areas of the country are helping influence development strategies.
Evaluating demographic patterns is a great way for stakeholders to make the most of their investments. For example, the senior living industry within the Western region is strong, with a high level of in-migration. Looking at general population changes, the biggest leaps are occurring in smaller mountain states such as Colorado, Idaho, Nevada and Utah. Western states are estimated to see the 75 and older populations with an annual income of $75,000-plus increase by 44.4 percent between 2020 and 2025. In Colorado, Idaho, Oregon and Washington, these increases in age- and income-qualified households will be more than 50 percent.