Market Overview & Demographics
- Washington State Office of Financial Management’s projections, Washington’s 65+ population is expected to grow from approximately 828,000 in 2010 to about 1.82 million by 2040. This represents more than a twofold increase over that 30-year period.
- Increased Share of Total Population: By 2030, individuals aged 65+ could make up 18–20% of Washington’s total population (up from roughly 12% in 2010), reflecting a significant demographic shift within just two decades.
- In Western Washington specifically, key counties like King, Snohomish, and Pierce are leading this surge, creating a substantial need for senior housing. This demographic shift supports a sustained demand for independent senior apartment communities, offering investors a stable occupancy outlook and the potential for long-term growth in this expanding market.
- Growing Demand for Independence: The U.S. Census Bureau shows consistent increases in the 65+ cohort across Western Washington, indicating a rising need for age-friendly living options—especially independent senior apartments that allow for both community and autonomy.
Opportunity in Washington State
523,000 Units Needed Over the Next 2 Decades
Over the next 20 years, Washington State faces a significant challenge in building enough senior living apartments to meet the needs of its aging population. The state needs to add over 1 million units by 2044, with a substantial portion (523,000) of these units dedicated to senior housing to address the growing demand as the Baby Boomer generation ages. Specifically, it is estimated that Washington will need to develop about 26,000 new apartment units annually, with a focus on affordable and senior-specific accommodations to meet the expected shortfall (Washington State Department of Commerce) (BIAW).
The demand for senior housing is expected to outpace the development rate significantly, with the state facing challenges related to construction costs, project financing, and a slow permitting process. These factors contribute to a slower growth in senior housing supply compared to the rapidly increasing senior population (Home | Plante Moran).
Seniors’ Preference for Independence
Research from AARP’s indicates that over 80% of older adults prefer to remain in a setting that allows them to maintain their independence, rather than move into more institutionalized care. This trend underpins the rising popularity of independent senior apartments, as seniors seek environments that support active living, community engagement, and easy access to essential amenities—all while preserving the freedoms of a private home.
Demographic Trends
Regional Concentration: A significant portion of senior growth is centered in the Puget Sound area—King, Snohomish, and Pierce Counties—largely due to better healthcare infrastructure, amenities, and proximity to family.
Growing Preference for Independence: The U.S. Census Bureau shows that the majority of older adults favor age-friendly housing solutions. This indicates continued interest in independent senior apartment communities, which balance autonomy with access to on-site services.
Senior Citizens Seek Support
The baby boomer generation, encompassing those born between 1946 and 1964, is predicted to have a substantial influence on the economy, society, and healthcare systems in the United States in upcoming years.
It is forecast that by 2030, all individuals belonging to this generation will have reached or surpassed the age of 65, and by 2034, older adults are predicted to outnumber children, marking the first time in U.S. history that this demographic shift will have occurred.
The potential impact of these changes on various sectors, including healthcare and retirement systems, will require vigilant planning and preparation to ensure the needs of the aging population are met.
As baby boomers age, there will be a growing demand for age-appropriate housing options, including senior living communities, assisted living facilities, and nursing homes.
Our company’s objective is to create housing solutions tailored specifically for independent seniors, emphasizing their overall wellness and lifestyle. We aim to create a healthy living environment by incorporating wellness programs that include physical exercise, social activities, and cognitive stimulation into our senior living communities, thereby emphasizing the importance of enhancing the quality of life of our residents.
Our properties will provide an ideal setting for seniors looking for a vibrant and healthy lifestyle that meets their unique needs.
3-5 Year
Hold Period
6%
Monthly Interest
