Horizon House recently completed a market study with PMD Advisory Services, who shared their findings with residents and staff. It was no surprise to hear that the senior living market in the central part of Seattle that Horizon House draws from (our Primary Market Area) is robust. After all, Seattle has lately claimed the title of hottest overall housing market and fastest growing large city in the nation. Here’s a quick synopsis of some of the study’s key findings.
For starters, the leading edge of the “Baby Boom” will turn 75 – a “magic number” in terms of interest in senior housing – in about 2022. Other key demographic indicators in our PMA include:
- 23,000+ households are age 75 and older
- $33,500 is the median household income
- $910,000 is the adjusted median home value
Our Primary Market Area (PMA) contains a total of 36 retirement communities. Average occupancy is 98% for independent living, 95% for assisted living, and 89% for dementia care. There are plans for seven more senior living communities in our PMA. It’s no surprise that Horizon House received a PMD score of 91 out of 100 – Very Good – for site location. Indirect competitive housing in First Hill alone amounted to 4,474 housing units proposed or under construction as of late March – the majority being rental units. Of the 900 owner-occupied units, 360 are 2+ bedroom residences and constitute the real competition for communities like Horizon House – or can act as “feeders.”
Another interesting component of PMD’s study included focus groups, composed of a range of Horizon House residents and people from the broader community. All participants’ perceptions of Horizon House were universally positive. The four key characteristics that resonated with the group were:
- “Diverse” population – variations in income, background, life experiences, etc.
- Warm and welcoming environment – “feels like a family”
- Great staff – people who truly seem to care
- Opportunities for residents to connect and interact – via resident-initiated and managed activities, programs, and committees
The Horizon House culture was described as one of activism and involvement – “You don’t just live here, you interact with everyone and everything.”
The Market Study summarized a series of recommendations that the Board is considering in concert with a Master Facility Plan that is just now getting underway. Both of these initiatives will be considered as we identify priorities for the next few years as part of our Strategic Planning process. We will continue to share updates throughout the year.