The Asset and Income Profile of Residents in Seniors Care Communities

Abstract

Understanding the economic characteristics of residents in seniors care communities is important to understanding the demand for these services as well as how individuals are paying for this type of care.  It is particularly critical now given the recent steep decline in both the housing and equity markets, which could significantly erode the assets available to pay for senior housing.  Previous research has examined various economic aspects of individuals who live in residential care communities.  However, most of the existing literature focuses on detailed income information available for small, selected samples, which lack asset information or raise concerns about national representativeness.  In order to fill this gap in the literature, this project examines income and asset information that is readily available in three nationally-representative surveys, previously underutilized for analyzing information about individuals in seniors care communities.  By providing such information, this study 1) provides a strong base for further research; 2) helps the public sector craft effective long-term care policies; and 3) aids the private housing and care industry in providing appropriate facilities and services…