August 27, 2017, Mary Kate Nelson, Senior Housing News - Senior housing isn’t the only business where success can be tied to the number of older adults within a particular market. In some ways, the success of the medical office industry also depends on the same thing. Older adults, after all, are more likely to need health care services than their younger counterparts.
For this reason, the anticipated growth of the 65+ population in various markets is one of many metrics tracked in the 2017 U.S. Medical Office and Health Care Report from commercial real estate services and investment firm CBRE (NYSE: CBG).
Traditionally warmer areas of the U.S. will likely see the largest increases in senior populations by 2021, according to the recently published report, which referenced U.S. Census Bureau data.
The population of Americans 65 years old and older is anticipated to almost double to 92 million between 2015 and 2055, the report notes. By 2055, Americans 65 years old and older will account for approximately 23% of the total U.S. population.
These seniors are more likely to end up living in some markets more than others. In St. Louis, for instance, the 65+ population is expected to grow by just 13.3% between 2016 and 2021; in Phoenix, however, that population is expected to grow by 29.4% in the same time frame.
Of the markets profiled by CBRE, Phoenix is the one that’s anticipated to have the strongest 65+ population growth by 2021. Phoenix is closely followed by:
- Las Vegas, where the 65+ population is expected to grow by 27.6%
- South Florida, where the 65+ population is expected to grow by 26%
- Dallas/Fort Worth, where the 65+ population is expected to grow by 25.5%
- Atlanta, where the 65+ population is expected to grow by 25.3%
- Houston, where the 65+ population is expected to grow by 25.1%