Higher income seniors are now more likely to occupy seniors housing in their elderly years than those with moderate and low incomes, according to a study conducted by the National Association of Real Estate Investment Trusts (NAREIT). This is a reverse from two generations ago, when higher-income seniors were more likely to age in place and those with lower incomes were more likely to move into subsidized seniors housing or an institution sponsored by a religious organization. Similarly, the percentage of elderly people entering seniors housing has increased compared to past times when most older Americans remained in their home for as long as physically possible. “The growth of the overall senior housing sector, the shift towards facilities that offer higher levels of services and amenities and the changing relationship between wealth and residency in a senior facility suggest that members of the Baby Boom generation may choose to live in senior housing at a higher rate than did earlier generations,” according to the study. The study examined the demographic and financial determinants of housing choices of older Americans, and how they have changed over the past several decades. NAREIT used information from the Panel Study of Income Dynamics (PSID), …
