The global retirement communities market reached a value of nearly USD 218.6 billion in 2020, and is expected to grow at a CAGR of 9.8% to nearly $320.4 billion by 2027.
A retirement community is a residential community or housing complex designed for older adults who are generally able to care for themselves. However, assistance from home care agencies is allowed in some communities and activities and socialization opportunities are often provided. Some of the characteristics typically are: the community must be age-restricted or age-qualified, residents must be partially or fully retired, and the community offers shared services or amenities.
These communities offer a variety of services, such as taking care of lawn maintenance and providing a recreation centre featuring a variety of activities. Continuing care retirement communities provide independent housing arrangements or assisted living facilities, along with healthcare services that increase in scope as residents needs change. The growing numbers of people who are retiring make a retirement community an attractive business prospect.
Retirement communities are expected to increase due to the 77 million Americans in the baby boomer demographic, those born between 1946 and 1964 according to SBDCNet. This group is expected to be shopping for years. Moving into a retirement community, whether an independent or continuing care facility, takes a chunk of money, so the market is limited to senior citizens with sizeable retirement income to handle the expenses. For instance, the most expensive continuing care retirement communities require an entrance fee of $100,000 to $1 million, plus anywhere from $3,000 to $5,000 in monthly fees.
The recession in the United States, which began in 2007 and has eased as of 2013 has slowed the retirement community industry’s growth in the past few years, with many people delaying retirement due to dwindling assets, says SBDCNet. The trend to move to communities in warm-weather states continues, although people are moving to less-popular states, such as Georgia and Tennessee, instead of Florida and Arizona to keep costs down. Creating housing focused on specific interests such as building an artists' colony or offering plenty of storage space for people who want to bring their RVs, boats and vintage cars to their retirement community, is another trend. HC-One Ltd., Brookdale Senior Living Inc., Five Star Senior Living, Holiday Retirement, Sunrise Senior Living, Erickson Living, Affinity Living Group, Atria Senior Living Group, Aveo Group, Covenant Retire Communities Inc., Amica Retirement Homes, Delmanor Seniors’ Communities, Serena Senior Care, Residencia Lourdes, Sun City Hilton Head and Sun City Huntley, HC-One Ltd., Sunrise Senior Care, Audley, Housing 21, Yuryo Rojin Home, Nikkyou Create Ltd., ACTIVELIFE, Ltd., Ashiana Housing, Covai Property Centre (I) Private Limited, Eden Retirement Living, Oak Tree, Stockland, Golden Heights, Lendlease Corp., Absolute Care LLC.
A retirement community is a residential community or housing complex designed for older adults who are generally able to care for themselves. However, assistance from home care agencies is allowed in some communities and activities and socialization opportunities are often provided. Some of the characteristics typically are: the community must be age-restricted or age-qualified, residents must be partially or fully retired, and the community offers shared services or amenities.
These communities offer a variety of services, such as taking care of lawn maintenance and providing a recreation centre featuring a variety of activities. Continuing care retirement communities provide independent housing arrangements or assisted living facilities, along with healthcare services that increase in scope as residents needs change. The growing numbers of people who are retiring make a retirement community an attractive business prospect.
Retirement communities are expected to increase due to the 77 million Americans in the baby boomer demographic, those born between 1946 and 1964 according to SBDCNet. This group is expected to be shopping for years. Moving into a retirement community, whether an independent or continuing care facility, takes a chunk of money, so the market is limited to senior citizens with sizeable retirement income to handle the expenses. For instance, the most expensive continuing care retirement communities require an entrance fee of $100,000 to $1 million, plus anywhere from $3,000 to $5,000 in monthly fees.
The recession in the United States, which began in 2007 and has eased as of 2013 has slowed the retirement community industry’s growth in the past few years, with many people delaying retirement due to dwindling assets, says SBDCNet. The trend to move to communities in warm-weather states continues, although people are moving to less-popular states, such as Georgia and Tennessee, instead of Florida and Arizona to keep costs down. Creating housing focused on specific interests such as building an artists' colony or offering plenty of storage space for people who want to bring their RVs, boats and vintage cars to their retirement community, is another trend. HC-One Ltd., Brookdale Senior Living Inc., Five Star Senior Living, Holiday Retirement, Sunrise Senior Living, Erickson Living, Affinity Living Group, Atria Senior Living Group, Aveo Group, Covenant Retire Communities Inc., Amica Retirement Homes, Delmanor Seniors’ Communities, Serena Senior Care, Residencia Lourdes, Sun City Hilton Head and Sun City Huntley, HC-One Ltd., Sunrise Senior Care, Audley, Housing 21, Yuryo Rojin Home, Nikkyou Create Ltd., ACTIVELIFE, Ltd., Ashiana Housing, Covai Property Centre (I) Private Limited, Eden Retirement Living, Oak Tree, Stockland, Golden Heights, Lendlease Corp., Absolute Care LLC.
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