7.3 HRSR 01-04-2016 - Laserfiche WebLink

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HOUSING DEMAND ANALYSIS Demand Estimate for Assisted Living Housing Table HD-7 presents our demand calculations for assisted living senior ho 2015and 2020. This analysis focuses on the potential private pay/market rate demand for assisted living units. The availability of more intensive support services such as meal care at assisted living facilities usually attracts older, frail Overview of Assisted Living (which is a collaborative research project by the American Association of Homes and Services for the Aging, the American Se National Center for Assisted Living, and National Investment Cen Care Industry), the average age of residents in freestanding assisted living fac in 2008. Hence, the age-qualified market for assisted living is defined as seniors ages over, as we estimate that of the half of demand from seniors und almost all would be from seniors over age 75. In 2010, there were 1,024 seniors age 75 and older in the PMA. Demand for assisted living housing is need-driven, which reduces the qualified market to only the portion of seniors who need assistance. According to a study completed by the U. S. Census Bureau (2008 panels of the Survey of Income and Program Particip seniors needed assistance with everyday activities (from 25.5% of 75-to-79-year-olds, to 33.6% of 80-to-84-year-olds and 51.6% of 85+ year olds). Applying these percentages to the senior population yields a potential assisted living market of 370 seniors in the PMA. Due to the supportive nature of assisted living housing, most da monthly rental fees, which allow seniors to spend a higher proportion of t housing with basic services. Therefore, the second step in dete for assisted living housing in the PMA is to identify the income-qualified market based on a seniors ability to pay the monthly rent. We consider seniors i $40,000 or greater to be income-qualified for assisted living senior housing in the PMA. Households with incomes of $40,000 could afford monthly assisted living fees of $3,000 by allocating 90% of their income toward the fees. According to the 2009 Overview of Assisted Living, the average arrival income of residents in 2008 was $27,260, while the average annual assisted ($3,107/month). This data highlights that seniors are spending assisted living and avoid institutional care. Thus, in addition to households with incomes of $40,000 or greater, there is a substantial base of senior households with l- qualify based on assets their homes, in particular. Sixty-three percent of the age 75+ households in the PMA are homeowners- to-date median resale price of homes in the PMA was $209,975. Seni the median resale price would generate about $197,367 in proceedng costs. With an average monthly fee of $3,000, these proceeds would last just ov living facility, which is longer than the average length of stay 92 MAXFIELD RESEARCH & CONSULTING, LLC