GVR Report cover Texas Active Adults (55+) Community Market Size, Share & Trends Report

Texas Active Adults (55+) Community Market Size, Share & Trends Analysis Report By City (Dallas, Houston, San Antonio, Austin), And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-4-68039-681-1
  • Number of Pages: 34
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2019
  • Industry: Healthcare

Report Overview

The Texas active adults (55+) community market size was valued at USD 29.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.42% from 2021 to 2028. The sense of community that exists among the inhabitants of a senior living facility differs significantly from that of a normal stand-alone residential neighborhood. One of the major advantages of living in a 55+ community is that this emotion may have a tremendous impact on a person's well-being and quality of life. This is boosting its demand in Texas. Seniors move to active adults communities to involve themselves in different physical and recreational activities, which is a key factor driving the market. By emphasizing lifestyle over health care, senior living facilities are an appealing choice for providing an independent, wellness-centered environment. The majority of the inhabitants are baby boomers, who range in age from 56 to 76 years and have a very different perspective on retirement than earlier generations.

Texas active adults (55+) community market size, 2018 - 2028 (USD Billion)

In the last several years, the senior living facilities or retirement homes have earned a significant demand and investment attractiveness in the senior housing industry. This is due to an increase in the desire for independent and maintenance-free living among those aged 55 to 64. Active adults housing is a type of multifamily rental housing designed specifically for younger elders. Moving to such a community generally involves downsizing, which means less room to maintain and keep clean, and a lower chance of falls and other health issues. Many seniors choose a one or two-bedroom apartment with no steps and everything they need close at hand. Living in a 55+ planned area is often comparable to buying a house or apartment in any planned residential society. Many seniors consider a property in a 55+ community to be an investment, or they may utilize the proceeds from the sale of their previous home as a down payment.

Many active adults (55+) communities provide optional care services to the residents based on their requirements. Factors such as the growing income of the senior population, increased life expectancy, and the desire to live in an independent living facility for a maintenance-free lifestyle are expected to fuel the market growth in Texas.

 

COVID-19 Texas Active Adults (55+) Community Market Impact: 1.04% decrease from 2019 to 2020

Pandemic Impact

Post COVID Outlook

During the early phases of the COVID-19 pandemic, the demand for homes slightly declined in Texas. This was majorly due to the increased cost of homes.

Occupancy rates of (55+) active adults communities may fall in the short term as potential residents of these properties delay making a decision to move. However, ease in travel restrictions and a decline in the number of COVID-19 cases are expected to increase the occupancy rates and potential buyers.

A significant decline in occupancy rates and restrictions on amenities like fitness facilities, game rooms, libraries, and dining rooms offered by active adults (55+) communities negatively impacted the Texas active adults (55+) community market growth.

Improvement in economy and commencement of new constructions projects post-pandemic are anticipated to drive the market. For example, in June 2021, Caldwell Communities announced the construction of a new active adult community in Texas.

 

Moreover, the increasing prevalence of lifestyle-related diseases has led to greater awareness regarding physical fitness. Active 55+ communities are ideal for adults with activities and amenities designed to keep residents mentally and physically active. It offers amenities such as swimming pools, wellness and fitness centers, pickleball, golf, shuffleboard, bocce, classes, field trips, and a range of clubs to join. Staying active in retirement has several advantages, including better quality of life and the ability to save thousands of dollars on medical costs each year.

City Insights

The state of Texas is witnessing the development of infrastructure for several communities, involving the launch of new centers and acquisitions for the initiation of new projects. Some of the projects conducted in 2020 include initiating construction of Arista Riverstone, Houston, and The Hacienda, Austin; and land acquisition for constructing Watson Branch facility, Mansfield (Dallas-Fort Worth metroplex area).

Initiatives to cater to the needs of consumers indicate the high demand for active community centers driven by an aging population in Texas. According to the Texas Demographic Center, the population of Texas in the age group of 65 to 85 years was 3,602,320 in 2018, as compared to 2,601,886 in 2010, exhibiting an increase of around 38.45%.

Texas active adults (55+) community market share, by city, 2020 (%)

As per the American Association of Retired Persons (AARP), around 1 million people live in Austin, 9% of whom are aged 65 or above. In the last decade, Austin witnessed a 97% surge in residents aged 60 to 64, an 84% surge in residents ages 55 to 59, and a 52% increase in residents aged 65 to 69. Apart from this, nearly 24% of the Dallas population is aged above 50, as per AARP. Thus, the presence of a large customer pool in Austin and Dallas is poised to surge the market growth in these two cities.

Key Companies & Market Share Insights

The market is highly competitive with the presence of a large number of housing unit providers in the country. New facility launches, acquisitions, and partnerships are some of the key strategies followed by the major players in the market. In September 2021, Cadence McShane Construction Co. has been chosen by the City of Beaumont Housing Authority, in collaboration with Brinshore Development, to construct Century Heights, an active adults community in Beaumont, Texas. The project is expected to be completed by the end of 2022. Some prominent players in the Texas active adults (55+) community market include:

  • PulteGroup, Inc. (Del Webb)

  • Robson Resort Communities

  • CountryPlace

  • Heritage Ranch Golf & Country Club

  • Sunshine Country Club Estates (SCCE) Retirement Community

  • Shea Homes Design Studio

  • Avatar Holdings

Texas Active Adults (55+) Community Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 30.7 billion

Revenue forecast in 2028

USD 41.5 billion

Growth Rate

CAGR of 4.42% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

City

State scope

Texas

City scope

Dallas; Houston; San Antonio; Austin

Key companies profiled

PulteGroup, Inc. (Del Webb); Robson Resort Communities; CountryPlace; Heritage Ranch Golf & Country Club; Sunshine Country Club Estates (SCCE) Retirement Community; Shea Homes Design Studio; Avatar Holdings

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to the state, city & segment scope

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at the state level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the Texas active adults (55+) community market report on the basis of the city:

  • City Outlook (Revenue, USD Million, 2016 - 2028)

    • Dallas

    • Houston

    • San Antonio

    • Austin

    • Others

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