Who is living in CCRCs? It must be just a lot of “old” people.
Mostly active seniors with money
People moving into a CCRC, whether individuals or couples, are usually healthy and active but anticipate the possibility of needing assistance with daily living activities and/or nursing care as they age. They usually either are unable to or no longer want to maintain a house, preferring to live among peers in the security of a seniors-only community. And most importantly, they have the financial resources to pay the fees associated with living in a CCRC.
Survey
A survey conducted by the American Seniors Housing Association (ASHA) and published in the organization’s 2009 Independent Living Report, identified the following demographic characteristics of recent movers into CCRCs that required an entrance fee:
Age and gender
The average age was about 81 (more recently that number has been declining to about 78).
66% of them were women, but the proportion of males increased as their age increased.
Marital status
- Widowed: 54%
- Married: 35%
- Divorced: 6%
- Never married: 4%
- Separated: 1%
Education
45% had a college degree compared to 20% for the general U.S. population age 65 or older.
Income
Current annual incomes ranged from less than $10,000 to $200,000 or more.
32% reported an annual income between $50,000 to $99,999.
Homeownership
Among the 66% of new residents who sold their homes prior to moving into a CCRC:
- 48% achieved a sales price between $100,000 and $299,999.
- 15% achieved $500,000 or more.
- Most of the residents with incomes between $50,000 and $99,999 sold their homes for $100,000 or more.
- 62% of those with annual household incomes of $100,000 or more sold their homes for $300,000 or more.
Net worth
- Respondents had a net worth ranging from less than $50,000 to $2 million.
- About 50% of the respondents reported a total net worth of $300,000 or more.
- Only 8% reported a net worth of less than $100,000.
- 32% had a net worth of $1 million or more.
Automobiles
28% did not have an automobile in the community.
63% had one automobile.
9% had two automobiles.
1% had three automobiles.
91% of the respondents who had an automobile had driven a car in the last seven days.
Other demographics
Health
Residents who enter CCRCs tend to be healthy, which is due to several factors:
Residents pay a large entrance fee upon entry to the community. They probably would not pay such a fee if they were not in good physical and financial health.
Residents must prove their good health and be able to live independently to gain entry.
Residents tend to be of high socioeconomic status and have had better access to healthcare resources during their lifetimes.
Couples
Both singles and couples live in CCRCs. The percentage of couples at entry can range from as low as 10% to as high as 70%. While most couples are married males and females, there are also same-sex couples, sisters, brothers, or mother/daughter father/son couples that occupy CCRC units.
Because residents tend to spend their remaining lifetime at the CCRC, the existing independent living resident population at any community will contain many single residents who originally entered as part of a couple, but are now living as a single resident due to the death or permanent transfer to a higher level of care than that of their spouse or partner.
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