COVID-19 has left many of us uncertain about the future, wondering when, if, life will get back to normal. COVID hasn’t had a similar disorienting effect on the housing market. In fact, 2020 saw an unexpected boom in residential housing, particularly with sales prices and numbers outpacing 2019 levels. 

 

This is excellent news for seniors looking to downsize from their single-family homes and enter into senior living facilities. As experienced administrative professionals helping seniors throughout Florida, ALF For Sale understands how market shifts can greatly affect your bottom line. Read on to learn why these trends might be around for a while. 

 

How The Housing Market Affects Senior Living 

At the end of last year, the median price for a single-family home was $311,000. That’s a 15% increase from the previous year. Throughout the country, housing inventory has decreased, hitting a record low at 1.47 million homes. As a result, homes are selling rapidly, remaining on the market for less than a month on average. 

 

Additionally, unemployment numbers have been steadily decreasing, particularly in markets well-positioned to handle pandemic-related disruption. Decreasing numbers may continue to trickle-down into senior housing markets, meaning you can expect high occupancy rates for the foreseeable future. 

 

4 Metros With Strong Housing Markets

Like everything, there are certain areas of the country where the housing market is especially strong. Senior living in these areas can expect especially competitive housing prices. 

• Minneapolis
  • Total senior units under construction: 1340
  • Senior occupancy rates: 84%
  • Median home price: $305,000
  • Recent unemployment rate: 5.9%

 

• Baltimore
  • Total senior units under construction: 488
  • Senior occupancy rates: 84.8%
  • Median home price: $195,000
  • Recent unemployment rate: 6.5%

 

• Seattle
  • Total senior units under construction: 693
  • Senior occupancy rates: 85.3%
  • Median home price: 747,000
  • Recent unemployment rate: 7.3%

 

• Portland, Oregon
  • Total senior units under construction: 590
  • Senior occupancy rates: 85.5%
  • Median home price: 486,500
  • Recent unemployment rate: 7.7%

 

Rising Home Values Across The Country A Boon For Sunshine State Business 

An increase in home sale prices anywhere in the country is a boon to area investors and business owners. That’s because The Sunshine State is consistently ranked as the top place to retire in the U.S. In its annual top 10 list of best places to retire for 2020 and 2021, U.S. News listed 7 of our beautiful cities. 

 

While our elysian climate is a central feature, affordability, healthcare, and high quality of life really boost our state’s desirability. For many, retirement in our balmy, palm-treed paradise is the realization of a lifelong dream. 

 

Contact Us  

When you’re ready to get the ball rolling on your next business venture, make sure, you call ALF For Sale and experience our streamlined approach to assisted living management. For over a decade, we’ve focused on the latest in services and regulatory practices in senior care. Now is a great time to start your senior living community in Florida, so give us a call today to get started!