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Senior Living Market Snapshot: Q4 2023

Back by popular demand: Plante Moran Living Forward’s Market Snapshot reports! In this quarter’s report, we offer an analysis of senior housing data from the Midwest region to explore trends in construction and census across Michigan, Illinois, Wisconsin, and Ohio.
Chicago, IL, skyline at sunset

Back by popular demand: Plante Moran Living Forward’s Market Snapshot reports!

With a new design and more actionable content, this quarter’s report focuses on the construction and market data from the Midwest region’s primary markets benchmarked against comparable markets across the nation.

Senior living market trends can have a huge impact on your organization, especially as you plan for your future. Our regional snapshot can help provide a pulse on the market, but we encourage you to reach out to our team before you make any decisions about your plans for growth or repositioning. Your local market, the condition of your assets, your strategic plan, and your operational health should all be considered holistically.

Inside this quarter’s Senior Living Market Snapshot

This quarter, we offer data from the primary metropolitan statistical areas in the Midwest (defined as the “East North Central” region), encompassing markets across Michigan, Illinois, Wisconsin, and Ohio:

Akron, OH | Ann Arbor, MI | Chicago, IL | Cincinnati, OH | Cleveland, OH | Columbus, OH | Dayton, OH | Detroit, MI | Flint, MI | Grand Rapids, MI | Indianapolis, IN | Janesville, WI | Lansing, MI | Madison, WI | Milwaukee, WI | Monroe, MI | Racine, WI | Rockford, IL | Saginaw, MI | Toledo, OH | Youngstown, OH

Highlights from the Q4 2023 report:

  • Construction material prices remain elevated, and coupled with higher interest rates, are leading to more expensive projects.
  • Moderate to negative inventory growth is likely helping keep the East North Central Region in line with demand, with occupancies steadily increasing.
  • While the East North Central Region is currently behind the national averages for occupancy in both independent living and assisted living, it has recovered to surpass its pandemic low and hit an all-time high in occupied units.

Read the full market report for more senior housing market trends

Download the Q4 2023 report for insights into the Midwest’s senior housing construction and census trends.

The data contained in this report is obtained from the most recent data stores of NIC MAP Vision® Data Service (www.nicmap.org), the Bureau of Labor Statistics (www.bls.gov), and Engineering News Record (www.enr.com). Although the information was obtained from sources deemed reliable, no warranty or representation, expressed or implied, is made as to the accuracy of the information herein.

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