A new report from the American Seniors Housing Association (ASHA) is helping to answer a standing industry question: Who are the baby boomers and what do they want?
The report, released Tuesday, gives an in-depth look at the kind of amenities, services and locales the baby boomer generation will want in the crucial years ahead. It also helps shed light on boomers’ demographics, family and household characteristics, living conditions and location preferences.
The report is based on surveys of over 7,000 people, of which 80% were boomers, and it was conducted between December 2021 and March 2022. ProMatura Group compiled the report.
Similar to a previous analysis of the active adult market from the National Investment Center for Seniors Housing & Care (NIC), the new report gives senior living companies data to inform their decisions in the coming years as a demand wave crests. It is also meant to help operators specifically understand and attract the incoming boomer generation, which will largely drive the industry’s growth for the next quarter-century, according to ASHA CEO David Schless.
“In the years to come, many of the nation’s 76 million baby boomers will transition into senior housing,” Schless said in a press release. “It’s imperative that industry leaders understand the baby boomers’ expectations so they can meet their needs and position themselves for success.”
Who boomers are
According to the report, the largest group of respondents reported being between 75 and 79 years of age. Respondents ages 55 to 74 accounted for a little over half of all respondents.
About a third of respondents said they lived in a household with one other person. The average respondent said they have 2.5 children, with 22% of respondents reporting having no children. The average respondent had 4.8 grandchildren, while 37% said they have no grandchildren.
Two-thirds of respondents live in the suburbs, while 23% live in a rural area and 11% live in an urban area. Forty-three percent of respondents said they would prefer to move to outlying suburban areas, followed by 23% for close-in suburbs; 19% to small towns and 7% for both urban areas and rural areas.
Nearly 60% of respondents were considering a move that included the prospect of transitioning to a senior living community within the next four years.
Almost three-quarters (69%) of respondents considering a move said they would include senior housing communities in their search, while slightly less than a third (31%) said they would outright prefer to live in senior housing.
Among residents who were likely to move into senior housing or considering such a move, 27% said they would move up to 15 miles from their current homes. One-third of respondents said they’d move up to 15 to 40 miles, 30% said they would move up to between 40 and 999 miles away, and 11% said they would move up to 1,000 miles away or more.
Older adults often use home equity to fund their move into a senior housing community. One-fifth of all respondents reported home values less than $200,000 and two-thirds of respondents reported homes valued between $200,000 and $750,000.
As for how boomers are currently living, 61% of all respondents said they have to climb stairs to enter their homes, while one-fourth of respondents said they had to climb stairs to reach certain important rooms in their homes, like their bedrooms or kitchens.
About 13% of respondents reported having from one to three or more difficulties with activities of daily living (ADLs), particularly climbing stairs, cleaning and driving.
What boomers want
On the whole, baby boomers said they valued independence and their ability to rely on themselves.
A total of 92% of respondents said they agreed or strongly agreed remaining independent and self-sufficient is important. Just under a quarter of respondents said they preferred to live in their own home.
Respondents ranked a full kitchen, laundry room with in-unit laundry, living rooms, windows with natural light, and additional storage as their top five in-unit amenities. Up to 83% of respondents rated exterior home maintenance, lawn and landscaping, 24-hour security, and maintenance of appliances in residence as essential or desirable.
Only 44% of respondents rated smart home features like remote lighting, heat, appliances, security systems and home access as desirable or essential.
Provided community services that were deemed essential or desirable by 70% of respondents included home maintenance, lawn and landscaping, 24-hour security and maintenance.
About a third of residents said they didn’t want or need help with ADLs, such as bathing, dressing or managing medications. A little more than a quarter said those services were both desirable and essential.
When they do need care, 55% of those likely to move into senior housing said they would prefer to receive it in their current residence, while just 7% said they want to receive care in another area of a senior living community.
