We recently attended the Boomer Summit, a conference focused on the business opportunities being created by aging baby boomers.
One of the more interesting market opportunities we heard about was supporting aging boomers and seniors wanting to stay in their homes instead of moving to a retirement community or assisted care facility.
This is clearly a large and growing market. Studies show that more and more Americans want to stay in their homes and age in place instead of moving. Beyond the growing interest by aging boomers, several additional trends are driving this shift:
1. The cost of retirement communities and assisted living continues to increase.
2. Technology is enabling new methods that help folks age in place.
This is creating a lot of opportunities for firms to provide goods and services that help people stay in their homes. Many of these are niche opportunities that small businesses can exploit.
The Durham News article Aging in place movement growing provides a good overview of this topic.