Three planning techniques for developing successful middle-market senior living products
By the year 2036, 40 percent of people over age 62 are projected to have assets of $25,000 or less, and 20 percent are expected to have $5,000 or less in assets. How can senior living developers and providers create and maintain housing options that are more affordable for this “middle-income” population?
At this year’s Senior Housing News Chicago Summit, Plante Moran Living Forward Principal Dana Wollschlager led a panel of experts to answer just that. The panel determined that in order to serve these individuals, senior living developers need to:
- Focus on value, both in relation to the initial cost investment and pro forma.
- Change their design convictions to focus on incorporating homelike, flexible, and strategically planned spaces.
- Adjust their financial return expectations to account for occupancy and, if applicable, timing irregularities inherent in waiver programs that help fund services.
The panel helped stimulate the need for further attention and discussion related to serving the middle-income market.
Read more about these tips on Senior Housing News’ website.
*Photos courtesy of Senior Housing News.