INDUSTRY OVERVIEW

NATIONAL MARKET

There are now 5.5 million Americans aged 85 and older representing almost 2% of total population, they are expected to double by 2030 to 11 million, 2.3% of the total population.

In 2050, as many as one in five Americans could be elderly.

Much of the forecast growth will occur between 2010 and 2030, when the 76 million present “Baby Boom” generation will enter their elderly years, driving an unprecedented surge in demand for services by seniors.

By comparison between 2010-2030 the overall US population is forecast to only grow at an annual pace of 0.9%.

Remarkably growth in all three senior sectors is much stronger:

  • +3% per year for the 65+ population
  • +2.9% per year for the 75+ population
  • +2.1% per year for the 85+ population

INDUSTRY OVERVIEW

FLORIDA MARKET

South Florida (Miami-Dade, Broward, Palm Beach Counties) has one of the US’s fastest growing population, increasing 6.2%, (343,313 net new residents) over the last 5 years. Over the next 5 years positive migration of an additional 5%, (290,932 net new residents) is expected. (US Bureau of Labor Statistics, University of Florida).

This area of Florida, desirable for seniors due to its climate and infrastructure, is also becoming a healthcare industry destination. Scripps has just opened a 350,000 sqft campus in Jupiter, with 60 faculty and 550 staff, with further growth planned. (Scripps focuses its research on dementia and memory diseases like Alzheimer’s, Parkinson’s)

INDUSTRY OVERVIEW

TEQUESTA MARKET

Nearly one-fourth of the county was 65 or older in 2016. Whites made up four-fifths of the elderly, while Hispanics made up about 9 percent and blacks made up 8 percent.

A market study for the Primary Market Area (about a 7 mile radius around the property) was performed by Integra Realty Resources, and confirmed the feasibility of the project, finding the local market being currently very undersupplied for 2017 by 385 Independent Living Beds, 94 Assisted Living Beds, and 40 Memory Care beds.

A new study is underway by the Promatura Group, a senior living research and analytics firm, to update the statistics and will be delivered prior to groundbreaking.

Independent Living Beds

Assisted Living Beds

Memory Care Beds

Palm Beach County Median Age

United States Median Age

INDUSTRY OVERVIEW

PALM BEACH MARKET

Palm Beach County continues to attract seniors. While the nation’s median age (the age where half of the population is younger and the other half older) is 37.9 years, Palm Beach County’s grew to 44.7 in 2016 from 43.5 in 2010. That’s older than the state as a whole, at 42.1.

Palm Beach County Median Age

United States Median Age

TEQUESTA KEY METRICS

POPULATION GROWTH RATE

Growth Rate All Ages

Growth Rate 85 and Older

TEQUESTA KEY METRICS

Percentage of population 85 years or older

%

Village of Tequesta

%

United States

TEQUESTA KEY METRICS

HOUSING MARKET

Owner Occupied

Average House Value

Local Market Considered To Be Healthier Than Average.

TEQUESTA KEY METRICS

YEARLY INCOME LEVELS

$93,945

Average Income

$62,751

Median Income

%

Higher than US Average

%

Higher than US Average

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Miami branch
1200 Brickell AVENUE SUITE 1450
MIAMI, FLORIDA 33131
+1 305 479 2861