Loading Please wait, logging in.
Join ALFA Member Login RSS Feed
Tagline Image
Bookmark and Share  

Results of Seniors Housing Residents Financial Survey Released

ALEXANDRIA, Va.  – April 20, 2012 The results of a groundbreaking survey regarding the financial well-being of seniors housing residents are now available to download. The survey was designed and conducted by the Center for Retirement Research at Boston College (CRR) to better understand the current and future economic situation of the individuals living in private pay independent living and assisted living communities.

The survey gathered information on the income and assets of the population at the time of the survey (2011), as well as retrospective information concerning living arrangements, care provision, and financial gifts given. Topics addressed include the costs and satisfaction with the communities, methods of paying for the community, evidence of spending down or giving away assets, financial concerns, and the geographic mobility among the residents.

The survey’s sample consists of 2,617 respondents living in freestanding independent living communities, freestanding assisted living communities, and communities that offer both independent living and assisted living care segments. The survey respondents completed an anonymous questionnaire consisting of 41 questions posed across eight (8) pages. The results of the survey are so extensive that the findings are presented in a four-volume set of papers spanning 107 pages.

Key results from the survey reported by the CRR include:

  • Residents in independent living and assisted living communities are generally mid- to high-income households who receive most of their income in annuitized forms: Social Security, pensions, and private annuities. Investment income is also relatively common among the residents.
  • The majority of residents report that they are self-reliant, with few relying on family to pay for their community and care. While about one-third of the residents report paying for their expenses out of their income alone, many report actively spending down their assets for their care.
  • Overwhelmingly, residents feel as if they are getting good value for their money.
  • There is substantial geographic mobility among the residents from their previous residence, which was typically an arrangement where they lived alone or only with a spouse.
  • Many residents received non-financial assistance before they moved to their current community, either from family or another type of care community.
  • Combined independent living/assisted living communities seem to attract residents from longer distances than do freestanding communities.


The research was performed pursuant to a grant from the National Investment Center for the Seniors Housing & Care Industry (NIC), the Assisted Living Federation of America (ALFA) and the American Seniors Housing Association (ASHA). The survey results can be downloaded from the websites of the CRR (http://crr.bc.edu), NIC (www.nic.org), ALFA (www.alfa.org) and ASHA (www.seniorshousing.org).

For more information regarding the survey results, contact ALFA.

Jaclyn Vann, CAE 
VP, Marketing
703-562-1192
jvann@argentum.org



###

Suggested Articles:

7/28/2016
Facts and Figures, Health Care, Memory Care Best Practices and Research, Memory Care Education, News, Research
A slew of new research was discussed at the Alzheimer’s Association International Conference in Toronto this week. Two studies suggested that a low-c...
7/28/2016
Advocacy, Facts and Figures, Financing Senior Living – Consumer Education, Insurance, Long Term Care Insurance, News, Reports
Virginia lawmakers are asking the Office of Personnel Management just why premiums in the federal long-term care insurance program are expected to zoo...
7/21/2016
Clinical Quality and Quality Care Delivery, Facts and Figures, Memory Care Best Practices and Research, Memory Care Education, News, Reports, Research
A gene variant whose carriers are more likely to develop Alzheimer’s disease than other people may show its effects on the brain and thinking in child...
7/21/2016
Consumer Funding Resources, Facts and Figures, Financing Senior Living – Consumer Education, Health Care, Long Term Care Insurance, Long Term Care Insurance Education, News, Research
Total health spending growth is expected to average 5.8 percent annually from 2015 to 2025, but is at a lower growth rate that the previous two decade...
7/7/2016
Advocacy, Community Awareness and Education, Core Principles, Engage, Facts and Figures, Memory Care Best Practices and Research, News, Research, Resident and Family Services
The latest draft bill from the House Appropriations Committee for funding programs in fiscal 2017 includes $73.2 billion for the Health and Human Serv...
04/20/2012


Additional Resources