Laserfiche WebLink
HOUSING DEMAND ANALYSIS <br />residents in assisted living were couples. There are a total of 108 age/income-qualified seniors <br />needing assistance in the PMA including both couples and singles <br />We estimate that roughly 60% of the qualified market needing sig <br />would either remain in their homes or less service-intensive senior housing with the assistance <br />of a family member or home health care, or would need greater ca <br />facility. The remaining 40% could be served by assisted living <br />market penetration rate of 40% results in demand for 49 assisted living units in 2010. <br /> <br />We estimate that a portion of demand for assisted living units i <br />outside the PMA. Applying this figure results in total potentiand for 82 market rate <br />assisted living units in the PMA. <br />Next, existing assisted living units are subtracted from overall <br />competitive number of units based on an estimated 15% of units that are occupied by lower- <br />income seniors using the Elderly Waiver program, to pay for their services in an assisted living <br />environment. Overall, we subtract 47 competitive units (after accounting for a 7% vacancy <br />rate) from the demand potential, resulting in 35 units of excess demand for assisted living <br />housing in the PMA. <br /> <br />By 2020, total excess demand for market rate assisted living uni Elk River is projected to <br />increase to 47 units. <br /> <br />Estimated Demand for Memory Care Housing <br />Table HD-8 presents our demand calculations for market rate memory care s <br />Elk River in 2015 and 20120. <br />Demand is calculated by starting with the estimated Elk River se <br />2015and multiplying by the incidence rate of Alzheimers/dementia among this populations <br />age cohorts. According to the Alzheimers Association (Alzheimers Disease Facts and Figures, <br />2007), 2% of seniors ages 65 to 74, 19% of seniors ages 75 to 84 <br />are inflicted with Alzheimers Disease. This yields a potential market of 299seniors in Elk River. <br />Because of the staff-intensive nature of dementia care, typical monthly fees for this <br />housing are at least $4,000 and range upwards of $5,000 when incackages. <br />Based on our review of senior household incomes in Elk River, ho <br />sale data, we estimate that 30% of seniors in Elk River would ha <br />sufficiently cover the costs of memory care housing. This figure takes into account married <br />couple households where one spouse may have memory care needs an <br />income for the other spouse to live independently. Multiplying the number <br />94 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br />