By Liz Wolf
Senior housing developments are popping up around the Twin Cities metro area in anticipation of Minnesota’s so-called “silver tsunami” – the massive wave of baby boomers entering their golden years. The state of Minnesota has 1.5 million baby boomers.
Currently, 2,018 new senior housing units are recently completed or under construction and projected to open by year-end 2018, and another 2,470 units are projected to come on line in 2019, according to Jay Thompson, president of Viewpoint Consulting Group Inc., who tracks senior housing development. That projected 2019 number is based on developments that have broken ground in 2018 and are anticipated to break ground this year.
The need for senior housing is massive. According to the Metropolitan Council, by 2040, one in every five residents of the Twin Cities region will be age 65 or older. The 65 and over population is the state’s fastest-growing age group. Even more eye-opening is the Twin Cities region’s senior population will more than double, growing from 307,000 in 2010 to 797,000 in 2040 as baby boomers continue to age and life expectancies increase. By 2040, seniors will make up 21 percent of the region’s population.
Source: Minnesota Real Estate Journal
Volume 34, Number 7