US CCRC Market

Goals

To inform an internal SOM analysis and market penetration strategy by determining the US Continuing Care Retirement Community (CCRC) market size by state and/or metropolitan area, ideally in terms of revenue.

Early Findings

US CCRC Market by State

  • According to the latest research published by MyLifeSite and McKnight's Senior Living, there are between 1,954 and 2,000 Continuing Care Retirement Communities (CCRCs) in the United States.
  • Notably, the top ten states in the country account for more than half of this market, specifically:
    • Pennsylvania has 195 CCRCs
    • Ohio has 150 CCRCs
    • California has 135 CCRCs
    • Illinois has 110 CCRCs
    • Florida has 105 CCRCs
    • Texas has 90 CCRCs
    • Kansas has 72 CCRCs
    • Idaho has 70 CCRCs
    • North Carolina has 62 CCRCs
    • Virginia has 58 CCRCs
    • New York has 50 CCRCs
  • Overall, the Midwest/Great Lakes region in the US has 25% of the nation's CCRCs, with approximately 500 communities across just Illinois, Indiana, Ohio and Wisconsin.
  • The next largest region is the Northeast, which is home to approximately 350 CCRCs, due in large part to the community centers in Pennsylvania and New York.
  • In parallel, the Southeast region of the country also has about 350 CCRCs, with most located within coastal states such as Florida.
  • Meanwhile, there are approximately 210 CCRCs in West Coast States, approximately 50 CCRCs in other Western states (e.g., Colorado, Idaho, Montana, Nevada, Utah, and Wyoming) and only about 150 CCRCs in the Southwest (e.g., Arizona, New Mexico, Oklahoma, and Texas).

US CCRC Construction by State

  • Notably, as of late 2019, CCRC construction was most concentrated in the West and Southwest.
  • Specifically, states with the highest number of CCRC units under construction were Dallas (722), San Diego (510), Charlotte (446), Phoenix (446) and Washington, D.C. (437).
  • In parallel, cities with the highest percentage of units under construction as a share of inventory were Memphis (22%), Riverside (18%), Raleigh, (16%), Hartford (13%), Omaha (11%) and San Diego (11%).
  • Meanwhile, half of the Primary and Secondary CCRC markets in the US (51 out of 99) had no CCRC units under construction as of late last year.

US CCRC Market Revenue

  • Notably, initial research indicates that there is limited, publicly available information about the size of the US CCRC market in terms of revenue.

Proposed next steps:

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