The novel coronavirus pandemic has impacted every industry in 2020. One of the industries that have faced excessive challenges and devastating loss is the senior housing sector.
COVID-19 —which is especially dangerous and deadly for older adults with pre-existing health conditions— has ravaged senior care facilities. According to the New York Times, as of Dec. 4, 2020, at least 106,000 coronavirus deaths have been linked to nursing homes and long-term care facilities in the United States.
As an attempt to prevent the rampant spread of this deadly disease, many care facilities have moved to limit or deny housing to new senior citizens. Simultaneously, families are withdrawing their loved ones to provide care for them at home. According to Bloomberg, during the pandemic, occupancy in senior housing has reached a 15-year low.
The pandemic has exposed complications within assisted living centers. But even before COVID-19, many older adults were hesitant to transition to senior living communities, according to Bob Stephen, vice president of caregiving and health at AARP. More than 76 percent of senior Americans would prefer to continue living in their current homes.
As older adults and families look for safe and affordable living solutions during this difficult time, the “aging in place” market becomes positioned under another spotlight.
Aging in place trades —including medical alerts, walk-in tubs, and stairlifts— are already predicted for explosive growth due to a “silver tsunami” caused by aging baby boomers. According to Business Insider, the United States home care market is expected to reach $224 billion by 2024. Currently, 10,000 baby boomers turn 65 years old every day. According to the Pew Research Center, in 2030, 18 percent of the population (73.1 million Americans) will be over the age of 65. These adults are living longer, more active lives, and will require new solutions as they age.
Home improvements, centered around accessibility, allow older homeowners to continue to live independently and comfortably inside of their homes. By upgrading their homes now, older adults can avoid the risk of contracting COVID-19 through a congregate-living environment.
If you are looking to reach more homeowners during this time, Modernize can help. Last year, we helped more than 300,000 homeowners with accessibility enhancements. To learn more about market projects for “aging in place” trades, please download our free eBook for contractors.
