As a growing number of Americans enter their golden years, builders are anticipating a new demand for senior housing.
But what kind of residence they’re looking for and how they will pay for it have yet to be figured out.
“There almost has been an overbuilding in anticipation of this market,” said Tim Underwood, an industry analyst and former executive director of the Home Builders Association of Greater Kansas City. “The issue is trying to figure out what the demand is. If you look at the baby boomers, it could be a real issue of people figuring out how the heck they’re going to live.”
The average age of people entering some type of assisted-living residence is about 85.
“The boomers are retiring now, but they probably won’t need our services for 20 years,” said Paul Williams of the Assisted Living Federation of America. “At that point there will be a tremendous demand for assisted living.”