The West and the South are the areas projected to see most of the growth in the 85+ population through 2030, but three metropolitan statistical areas in particular stand out as especially attractive for new senior living communities, according to a new analysis by Sally Heffernan and Jacob Boss of Plante Moran Living Forward.
Those three areas are Augusta, GA; Virginia Beach, VA; and McAllen, TX.
Plante Moran Moving Forward said it considered forecast population growth as well as market penetration, the amount of construction in the market, and the existing supply, including the average age of properties and their occupancy levels.
Augusta was appealing on all accounts, Virginia Beach was “at least average or close to it in all indicators,” and McAllen had “extremely low penetration rates” and “by far the fewest competitors, a lack of development activity, and a slightly older existing product.”
Developers seriously considering opening new communities will want to conduct comprehensive market studies, Heffernan and Boss said.
Data from the National Investment Center for Seniors Housing & Care were used in the assessment.
Read the full analysis here.
