Laserfiche WebLink
HOUSING DEMAND ANALYSIS <br />Alzheimer's /dementia (299 seniors) by the income - qualified percentage results in a total of 111 <br />age /income - qualified seniors in the Elk River in 2015. <br />TABLE HD -8 <br />MEMORY CARE DEMAND <br />ELK RIVER <br />2015 & 2020 <br />65 to 74 Population <br />1,500 <br />1,904 <br />(times) Dementia Incidence Rate' <br />x <br />2% <br />x <br />2% <br />(equals) Estimated Age 65 to 74 Pop. with Dementia <br />= <br />30 <br />= <br />38 <br />75 to 84 Population <br />701 <br />858 <br />(times) Dementia Incidence Rate' <br />x <br />19% <br />x <br />19% <br />(equals) Estimated Age 75 to 84 Pop. with Dementia <br />= <br />133 <br />= <br />163 <br />85+ Population <br />323 <br />363 <br />(times) Dementia Incidence Rate' <br />x <br />42% <br />x <br />42% <br />(equals) Estimated Age 85+ Pop. with Dementia <br />= <br />136 <br />= <br />= <br />x <br />152 <br />354 <br />38% <br />(equals) Total Senior Population with Dementia <br />= 299 <br />(times) Percent Income /Asset- Qualified 2 <br />x 37% <br />(equals) Total Income - Qualified Market Base <br />= <br />111 <br />= <br />134 <br />(times) Percent Needing Specialized Memory Care Assistance <br />x <br />25% <br />x <br />25% <br />(equals) Total Need for Dementia Care <br />= <br />28 <br />= <br />34 <br />(plus) Demand from Outside Market Area (40 %) <br />+ <br />18 <br />+ <br />22 <br />Total Demand Potential <br />= <br />46 <br />56 <br />(minus) Existing and Pending Memory Care Units3 28 28 <br />(equals) Excess Demand for Memory Care Units = 18 = 28 <br />' Alzheimer's Association: Alzheimer's Disease Facts & Figures (2009) <br />Z Income - qualified households consider 3/4 of those with incomes greater than $60,000 plus 15% of homeowners with <br />incomes below this threshold. <br />3 Existing memory care units less units occupied by public pay residents and a 7% vacancy rate. <br />Source: Maxfield Research & Consulting, LLC <br />According to data from the National Institute of Aging, about 25% of all individuals with <br />memory care impairments comprise the market for memory care housing units. This figure <br />considers that seniors in the early stages of dementia will be able to live independently with the <br />care of a spouse or other family member, while those in the later stages of dementia will <br />require intensive medical care that would only be available in skilled care facilities. Applying <br />this figure to the estimated population with memory impairments yields a potential market of <br />about 28 seniors in Elk River. <br />MAXFIELD RESEARCH & CONSULTING, LLC 95 <br />