Yahoo Finance 20 States with Most Seniors Per Capita
In this article, we will look at the 20 states with the most seniors per capita. If you wish to skip our detailed analysis of an aging senior community and demographics of seniors across the United States, you may go to 5 States with Most Seniors Per Capita.
Aging Senior Community and Its Demographics
The number of seniors aged 65 and older will reach 80 million by 2040. Owing to the rise in seniors and their global life expectancies, the global elderly services market is expected to reach $476.91 billion in 2023 from $445.58 billion in the past year. Similarly, the retirement communities market size is estimated to increase by a whopping USD 545.85 billion from 2022 to 2027, with market growth forecasted to progress at a CAGR of 5.93% during this period. As such, the retirement communities market is fragmented and there are varying prospects to offer differentiated products within to garner a strong foothold. There are several major market players in the market, such as Brookdale Senior Living Inc. (NYSE:BKD), Sonida Senior Living, Inc. (NYSE:SNDA), Sunrise Senior Living, and Welltower Inc. (NYSE:WELL), amongst others.
As mentioned, the growth in retirement communities is largely driven by a baby boomer retirement wave. Retiring by the millions, this age cohort and their transition out of the workforce is having drastic implications for the economy as well as the senior care industry. A Cost of Care survey conducted by Genworth reveals that every day up until 2030, 10,000 people will turn 65. Moreover, 7 out of 10 of these people will require long-term care. These costs have been rising at different rates. For instance, the cost of in-home care has jumped by 10.64%, assisted living costs have increased by 4.65%, and nursing home costs have risen by 2.18%.
Market players have been playing a major role in tapping the potential of these emerging markets. Moreover, the rebound in the healthcare, senior care, and retirement communities market as a whole has been putting players such as Welltower Inc. (NYSE:WELL), Brookdale Senior Living Inc. (NYSE:BKD), Sonida Senior Living, Inc. (NYSE:SNDA), and others in a healthy position for growth. Welltower Inc. (NYSE:WELL) owns a well-diversified portfolio of healthcare real estate in major markets of the USA, UK, and Canada. Its senior housing operating (SHO) portfolio has been experiencing occupancy gains due to a healthy move-in activity. The company’s shares have gained 11.4% in the past three months compared with the industry’s growth of 3% in the same period.
Brookdale Senior Living Inc. (NYSE:BKD) provides senior housing in the US, with more than 600 communities across 41 states. Its second-quarter earnings reported resident fee revenue of $710.2 million, up 10.9% year over year, and a net loss of $4.5 million compared to a loss of $84.3 million in the same period a year ago. Meanwhile, Sonida Senior Living, Inc. (NYSE:SNDA) had its second-quarter earnings report a resident revenue increase of $5 million, a 9.5% increase year-on-year.
Since the senior population is growing across the United States at a rapid pace, it is important to understand this growth to tap needs pertaining to senior care, housing needs, and other similar requirements. Some of the major cities with the highest elderly population that must be catered to for seniors include Lakeland, Clearwater, and Cape Coral in Florida, as well as Surprise and Scottsdale in Arizona. Amongst all the states, Maine happens to be the oldest state by population's mean age. Keep reading to find out which states have the most seniors per capita.
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Methodology
To compile the list of states with the most seniors per capita, we listed out all the US states and their percentages of the US population over 65 sourced from the US Census Bureau population estimates from July 2022. Next, we divided the total number of seniors in a state by the total number of population in the state.
States were ranked in ascending order from the lowest to the highest number of seniors per capita. The top 20 states were selected to be included in our list.
So which state has the highest elderly population? Here is the entire list:
20. Connecticut
Seniors Per Capita: 0.183
Around 663,596 seniors live in Connecticut, making it one of the states with the most seniors per capita. It is a popular state to live in, especially amongst retirees and seniors, due to its world-class healthcare facilities, cultural richness, and scenic beauty. There are many active senior communities as well as retirement villages for individuals to spend their retirement years. It is also a safe state that enjoys a low crime rate.
19. Iowa
Seniors Per Capita: 0.183
The aging state of Iowa has approximately 585,695 seniors aged 65 or older living in the state, and it also ranks consistently in the top five for older populations aged 75 or older. Iowa has also made it to our list of most popular states to retire to owing to its affordable living costs, tax-friendliness, and quality healthcare. Cost of living is 10.3% lower than the US average.
18. Ohio
Seniors Per Capita: 0.184
Ohio is home to approximately 2,163,115 seniors. The state has the most seniors per capita due to its affordable costs of living, strong healthcare system, and moderate tax-friendliness. The cost of living in the state is 10% lower than the US average. Moreover, the state enjoys all four seasons and is home to theaters, museums, and cultural and recreational attractions.
17. Wyoming
Seniors Per Capita: 0.186
Out of the estimated 581,381 people living in Wyoming, an approximate 108,137 people are aged 65 or older. It is one of the best states to live in for taxes and cost of living. The state doesn't have any income tax, and all sorts of retirement incomes are received tax-free. Moreover, the cost of living is 7.2% lower than the US average.
16. Wisconsin
Seniors Per Capita: 0.187
In Wisconsin, there are approximately 19 senior citizens for every 100 individuals in the population. The state is an attractive place to live for seniors due to its low cost of living, excellent healthcare facilities, and ample outdoor activities. Social Security retirement benefits are not taxed in the state as well.
15. Michigan
Seniors Per Capita: 0.187
In Michigan, there are approximately 19 senior citizens for every 100 individuals in the population. Approximate 1,876,380 seniors aged 65 or older live in the state owing to its affordable living costs, cultural attractions, and quality healthcare. The cost of living in the state is 7.9% lower than the US average.
14. Arizona
Seniors Per Capita: 0.188
In Arizona, there are 19 seniors per 100 people. The state is popular amongst seniors for its warm climate, senior-friendly communities, and plentiful recreational opportunities. Social Security retirement benefits are not taxed in the state, and property taxes don't break the bank either. Sales tax, however, is a bit high.
13. Rhode Island
Seniors Per Capita: 0.189
Of the estimated 1,093,734 people living in Rhode Island; 206,715 are seniors. This makes it one of the states with the most seniors per capita. Despite the state being one of the worst states to retire in for taxes, seniors love it for its mild climate, ocean access, as well as its numerous cultural events. The state also has a decent number of retirement communities and villages for seniors living in the state.
12. New Mexico
Seniors Per Capita: 0.191
New Mexico is among the states with most seniors per capita. Cost of living in the state is 5.9% lower than the US average, making it an affordable state to retire to for seniors. Besides the affordable costs of living, the state is also revered for its beautiful landscapes, active lifestyle, and access to quality healthcare services.
11. South Carolina
Seniors Per Capita: 0.191
Similar to New Mexico, South Carolina houses approximately 19 seniors for every 100 individuals. The state doesn't tax Social Security retirement benefits, and there are deductions on other types of retirement incomes. Property taxes are below the national average as well, and the cost of living is 3.5% lower than the US average.
10. Oregon
Seniors Per Capita: 0.192
Due to its high cost of living and moderate tax-friendliness, Oregon is one of the worst states to retire to. Nevertheless, it is one of the states with the most seniors per capita. Moreover, Social Security retirement benefits are not taxed in the state. Cost of living is 16.2% higher than the US average.
9. Pennsylvania
Seniors Per Capita: 0.196
Pennsylvania is a popular state for retirement amongst seniors, primarily due to its tax-friendliness and affordable cost of living. Social security benefits are fully exempt from taxation, and so are payments from retirement accounts. Sales taxes are also low, and property taxes are high. The cost of living in the state is 1% lower than the US average.
8. Montana
Seniors Per Capita: 0.20
Out of an estimated population of 1,122,867; 224,573 are seniors aged 65 and over in the state of Montana. Most types of retirement incomes are taxed in the state, and cost of living is 3.7% higher than the US average. The state has one of the most seniors per capita due to its scenic natural beauty, mild climate, and beautiful lakes. Seniors love it for its laid-back atmosphere, low population density and peaceful atmosphere. Healthcare services are specialized, the lifestyle is laid-back and quiet, and ample opportunities for lifelong learning exist.
7. New Hampshire
Seniors Per Capita: 0.202
According to the MERIC database, the cost of living in New Hampshire is 14.6% higher than the US average. Yet, for every 100 people, there are 20 seniors in New Hampshire. Retirement incomes are currently taxed in the state and are in the process of being phased out by 2027. The White Mountains, picturesque lakes, and beautiful forests attract retirees to this part of the US. The healthcare is also high-quality here, with numerous cultural and recreational attractions.
6. Hawaii
Seniors Per Capita: 0.204
Hawaii is another state with the most seniors per capita, housing 20 of seniors aged 65 or older per 100 people. An estimated 293,800 people are aged 65 or older in the state. The cost of living is really expensive, being 81.5% higher than the US average. The tropical climate and stunning natural beauty attract people worldwide to Hawaii, along with its quality healthcare and also the "Aloha spirit" reflected in its strong sense of community.
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Disclosure: none. 20 States with Most Seniors Per Capita is originally published on Insider Monkey.