According to this article by Pioneer Press, Senior Housing is driving the construction market in the U.S. city of Minneapolis, Minnesota.   According to the article, over “the past 10 years, the number of nonsubsidized senior housing units spiked 50 percent to about 34,000” in the Minneapolis, “including independent living units, assisted care and memory care facilities”.  The article adds that “27,000 senior housing units” have also been built in Minneapolis’ suburbs.  Demographics are driving the demand, says the article’s author, Bob Shaw.  The number of people 65 and older will soar from 12 percent to 20 percent of the state’s population in the next 20 years, he adds.   The boom in Minneapolis is remarkable because it is happening amid an economic downturn that is actually stifling demand for home construction.  Shaw quotes developer Pam Pelletier as stating: “If you are going to be in real estate now, the senior market is the place to be”.

How does Minneapolis’ experience compare to the senior housing market in your local area?



Advertisements