Most continuing care retirement communities (CCRCs) in the United States continue to be not-for-profit, though for-profit CCRCs are more likely to be part of a multi-site organization, according to a new analysis from Chicago-based specialty investment bank Ziegler.
Ziegler is currently tracking 1,955 CCRCs across the country.
The majority—78%—of CCRCs in the U.S. are sponsored by a not-for-profit organization, the data show. Of not-for-profit CCRCs, 64% are entry-fee communities and one-fourth are rental.
Among for-profit CCRCs, only 26% are entry-fee communities and 64% are rental.
About 80% of for-profit owned and operated CCRCs, meanwhile, are part of a multi-site organization. The number of CCRCs in total that are part of a bigger system is almost 65%, which is up from 62% two years ago, due in part to recent industry consolidation trends.
Ziegler also determined the average size of U.S. CCRCs, as well as which states are home to the most CCRCs.
The median number of independent living units in CCRCs nationwide is 120, the analysis reveals. The median number of assisted living units is 43, and the median number of skilled nursing units is 72.
Pennsylvania has the most CCRCs of any U.S. state, with just under 200. The next most densely populated states for CCRCs are Ohio, California, Florida and Illinois. Wyoming is the only state in the U.S. that does not have any CCRCs, according to Ziegler.
Written by Mary Kate Nelson