There are a lot of wealthy seniors out there, which is driving a new segment of the assisted living industry – upscale assisted living. These fancy facilities could be confused with a high-end country club – often times having their own spa’s, golf courses in some instances, full-sized movie theaters, and other amenities that you might expect to see if you were visiting a hotel in Beverly Hills.
A report published recently from Kalorama Information called ‘Long Term Care Markets” talks about this emerging transformation. The report also cited the factors that will lead to a 12 % annual growth rate in this market for the next 4 years.
Aside from the fact that the elderly population is growing at almost 3 times the rate of the overall US population, many of these seniors are retiring with a high net worth, allowing them the option for more amenities, and more discretionary expenses when they choose assisted living. Many seniors will sell their existing homes, which may be worth a large amount, to pay for their assisted living costs.