In an interview with Multi-Housing News, HumanGood CEO John Cochrane discussed the growing demand for middle-market senior housing and how the organization is approaching the associated challenges and opportunities.
“Everybody is paying attention to this market,” John said in his interview. “Nobody has quite figured out how to get their arms around this market, (and) what it’s going to look like.”
John points out that the middle market isn’t “a monolithic, one-size-fits-all market.” The prospective residents within this sector varies based on expectations, ability to pay and geographic location.
By 2029, more than half of the nation’s 14.4 million middle-income seniors won’t be able to afford private-pay senior housing options for an extended period before exhausting their financial resources and becoming eligible for Medicare, according to a study released in the spring by the University of Chicago’s National Opinion Research Center.
The study, sponsored by Washington, D.C.-based National Investment Center for Seniors Housing & Care (NIC), also showed that out of pocket costs for assisted living alone will be $60,000 by 2029.
Click below to read more of John’s interview and how HumanGood is addressing the growing middle markets.