With the growing baby boomer population, there will not be enough senior housing in the coming years for the demand of retired boomers searching for senior care and housing options. Memory care communities are specifically in demand.
The nation’s approaching “silver tsunami” is soon to arrive and America is not prepared. The nation’s 65+ demographic, which currently accounts for 13 percent of the overall population, is expected to more than double by 2050 to more than 89 million (and 20 percent of the population), according to the U.S. Census Bureau. And the need for memory care programs is projected to increase substantially as the number of seniors diagnosed with Alzheimer’s disease is expected to rise from 5.1 million in 2010 to 13.5 million in 2050, according to estimates from the Alzheimer’s Association. This translates into a projection of more than 15 percent of the 65+ senior demographic getting diagnosed with Alzheimer’s in the next forth years; a scary number when we look at our current senior housing communities and resources.
To support the need for memory care facilities, many assisted living communities are seeking to add memory care to their services. And many senior living and housing real estate developments are taking place to accommodate this growing need. But it’s not quite this easy—memory care is very different from assisted living care and requires a specific structural design (to support optimal living conditions for those who suffer from dementia) as well as unique financing and loan terms. This makes renovations, expansions and real estate transactions especially tricky.
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Learn more about memory care facilities, how they are different from assisted living and why America is preparing for this “Silver Tsunami”: