Will a Silver Tsunami Wash Out Senior Housing?

Silver Tsunami is coming! Amazingly, by 2050, almost 20 percent of the United States population will be 65 or older. Compare that to only 15 percent today!

As our country’s population ages, experts contemplate what the coming increase in the aging population will mean for the workplace, economy, healthcare, and especially for senior living.  Will the surge in senior population wash away their housing options?

WHAT IS THE SILVER TSUNAMI?

As the baby boomer generation reaches their senior years, and longevity increases, there will be a population surge of seniors. The term “Silver Tsunami” metaphorically describes the expected increase in the older-adult population. Today, 15% of Americans are 65 or older. That number is expected to balloon to over 20% by 2050, bringing an estimated 40 million additional people relying on Medicare, using the healthcare system, and seeking senior living.

While the term, “Silver Tsunami” is an attempt to understand the impact the increase in the senior population, not all seniors appreciate the term. As a massive catastrophe, a tsunami, or massive wave, has a devastating effect on people and land it hits. Tsunamis are destructive and deadly, wreaking havoc on entire populations.  Meanwhile,  when we talk about seniors in the aging population in our community, we focus on the vast positive contributions to our society. The aging population brings positive change to healthcare and senior living – changing what it means to grow old in America.

HOW THE SILVER TSUNAMI IMPACTS SENIOR LIVING

Regardless of its negative connotation, the fact is that Tsunamis have a huge impact. Similarly, the increase in America’s aging population will too, especially on senior living. Not only will the demand for senior living increase, but the style and variety of senior living and care options will change. Baby boomers have already started revolutionizing senior living. Their expectations will continue to change what it means to age.  Simultaneously, the quality and diversity of senior living options will evolve as well.