On average, more than 10,000 people turn 65 every day. The baby boomer generation, those born between 1946 and 1962, represent the fastest-growing segment of the population and the wealthiest. This shift in the demographics is also the reason non-medical senior care business is the fastest-growing industry.
Are you thinking about opening a non-medical senior care business in 2022? Here is why the senior care market is hot; and five reasons why now is a great time to invest.
People Want to Age in Place
The number of households headed by people aged 65 and older is expected to grow from 34 million to 48 million in the next two decades, reports the Urban Institute. According to a recent AARP study, 77 percent of those people desire to stay in their homes as they age. It is not hard to imagine why; older Americans are more comfortable at home, surrounded by the familiar. They do not want to walk away from something they have spent a lifetime building and filling with memories just because their care needs have increased.
Sandwich Generation Stress
Middle-aged Americans, Gen Y and Gen Z, are nicknamed the Sandwich Generation. They are left to care for their parents while either raising a young child or financially supporting a grown child. The burden of providing care for their aging parents is simply too much to bear when life is already pulling them in different directions. Many Americans turn to non-medical senior care businesses to ensure their parents can continue to live healthy, independent lives rather than stressing over their day-to-day care.
Aging of America
The silver tsunami is real. For the first time in history, senior demographic growth is outpacing that of children! According to the U.S. Census Bureau, senior citizens will outnumber children aged 13 by 2035. There are an estimated 76.4 million baby boomers in the country. Within 10 years, all of them will be 65 or older. This is another example of the ever-increasing need for non-medical senior care businesses.
Pandemic & Recession-Resistant
As a result of recent economic challenges, many business owners have seen a decrease in their bottom line. However, owners of non-medical senior care businesses have not experienced a downturn in business. In fact, the home care business has remained stable while many other businesses have failed.
Due to the lack of proper management of the COVID-19 pandemic in nursing homes and assisted living facilities, there has been an increased interest in home care. Families of elderly or disabled individuals would much rather their loved ones be home safe than in a facility.
Non-medical senior care is considered an essential business. There will always be a growing demand for quality non-medical senior care, regardless of the socioeconomic climate.
Ability to Make a Difference
A non-medical senior care business allows owners to make money and make a difference in their communities. Not only do their businesses serve a great need for seniors, but these companies also create valuable jobs for talented workers.
Own a Non-Medical Senior Care Business
Want to learn more about starting an elderly home care business? CareBuilders at Home provides a rare opportunity to make money doing what’s right for your community, and we can help you get started for less time and money than you might think.
Contact us today to learn about the opportunities that await you in this important and expanding industry.