Furthermore, this same demographic will only continue growing at an alarming rate. Projected to double by the year 2030, this same group will soon encapsulate as much as 20% of the population. The fastest growing group within this demographic, the number of senior citizens over 85, will grow from roughly 3.8 million to over 7 million during the same twenty year period. Of this group, a quarter live in nursing homes while half require some level of assistance with daily living tasks.
The Assisted Living and Independent Living markets are, at the same time, being hit hard by the collapse of the financial markets. The high default rates on "subprime" and adjustable rate mortgages have led to the now very familiar 'credit crunch' phenomenon which has affected every major economy across the world. Bank collapses and property foreclosures are still regular occurrences and, although the US is now officially out of recession, the knock-on effects will be felt for years to come.
While the real estate market stagnates, an increasing number of elderly Americans find themselves in need of assisted living facilities. To fund such moves, they of course hope to sell their homes, which proves to be much more challenging given current market conditions. Difficulties are further increased by the United States' shortage of quality assisted living facilities.
This means that fewer Assisted Living providers are funding new elderly care and seniors housing developments because the take-up rates have slowed up so considerably. At Executive Care Group USA we own and operate the Balmoral Assisted Living an Independent Living Facility at Lake Placid, to the south of Sebring in South / Central Florida.
Furthermore, this facility also includes dementia care suites, catering to the increasing population of seniors with early onset Alzheimer's and other dementia issues. Recent stirrings on Capitol Hill regarding the health care bill suggest that elder care facilities will have to become more pro-active providers for such needs, and rather than simply ignoring the possibility, we at Executive Care Group USA have chosen to be forward thinking. As the U.S. Elderly population continues to increase, such planning efforts employed pro actively today will have great effects as needs and requirements change.
We have therefore started a bold action plan to buck the market. We are investing in our existing facilities and looking to take advantage of the current slump in real estate to purchase land to begin a new development program of building new, state of the art, hotel / resort style Assisted Living and Independent Living facilities across Florida. Our investment now will benefit the elderly care and seniors market today but we are confident that we will reap the returns in the medium term future.
Today's funding challenges are, we feel, only temporary. As such, we have instigated a compassionate care program which recognizes that not everyone can afford to pay immediately. Furthermore, those who can pay may not be able to afford care at pre credit crunch rates. We therefore assess each case individually on its own merits, offering central Florida's elderly residents quality care at rates which match current market conditions.
About Danny Sharpe: Operates the Balmoral Assisted Living Facility in Lake Placid, the leader in family owned award winning Assisted Living Homes. His company provides senior assisted living facilities with nursing and dementia care: assisted living home affordable highland county.
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