For many who have been considering moving a loved one into an independent or assisted living property, these data show the time could be right to make the move.
A question many of us have faced, and many more of us will face in the years to come is: what can I do to help my mother or father grow old gracefully?
There are currently 19.2 million people age 75+ in the United States, and that number is climbing rapidly. In Flint and across the country, this explosion in the number of seniors, coupled with dramatically changing preferences for how and where they want to live as they age, can lead to many questions as we address the comfort of our loved ones:
- Would a retirement community be best?
- Does my mother need assisted living or memory care support?
- If so, to what extent?
- How far from home will my mother have to move to get this support?
- And the inevitable: How much does this all cost?
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While most of these questions are personal and need to be made together as a family, for others, there are data that can help make the decision-making process a little clearer.
At the National Investment Center for Seniors Housing & Care (NIC), we work day in and day out with those who build and operate senior housing and care properties, and those who invest in them, to provide the most reliable data on available occupancy and rates for senior housing – both nationally and locally for select markets across the country. This last July, we expanded our metro market coverage from 99 to 140 metro markets, with Flint being one of the newest covered by this expansion.
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The new data show that senior housing in the Flint region is nearly 91 percent occupied – not far off of the national average of 90 percent. There are 1,367 senior housing and care units in Flint alone, with 30 new units under construction. The average asking rent rate for existing units is $2,349 per month, well beneath the national average of $3,594, making Flint a relatively less expensive place to live in terms of senior housing.
For many who have been considering moving a loved one into an independent or assisted living property, these data show the time could be right to make the move. Despite the fact that properties are occupied at a slightly higher rate than the national average, with new construction underway, and monthly rental rates far cheaper than the national average, the market in Flint looks to be leaning toward the benefit of the consumer – or the loved one for whom you want the very best.
About the Author: Beth Burnham Mace is the Chief Economist and Director of Capital Markets Research at the National Investment Center for the Seniors Housing & Care Industry (NIC). Prior to joining the staff at NIC, she served as a member of the NIC Board of Directors for seven years and chaired NIC’s Research Committee. Ms. Mace was also a Director at AEW Capital Management and worked in the AEW Research Group for 17 years.
