Dear Quartz members—
The world is getting older. In the US alone, 10,000 baby boomers turn 65 every day. Over the next 30 years, many of them will move into nursing homes and assisted living. As they do, they’ll redefine what senior living looks like, writes Quartz’s Lila MacLellan in this week’s field guide, giving birth to an era of “geriatric cool” and a new luxury industry that caters to it.
As the senior-living industry expands to meet new demand it’s taking cues from the coworking spaces and on-demand lifestyle more often associated with millennials than retirees. From a “Zen-inspired” senior community in California to a high-rise in Arizona equipped with a theater and aquatic center, a new crop of assisted living facilities have more in common with the hospitality industry than with hospitals. In a QZ&A, Lila interviews Arun Paul, founder of Priya Living, a senior-housing chain catering to Indian Americans, about how his background in the resort industry informed his current venture.
But the cost of aging luxuriously is staggering. A spot in Sunrise Living’s new luxury senior housing development in Manhattan costs between $11,000 and $33,500 per month, Lila reports. Although prices are lower outside of major cities, lots of seniors and their families simply won’t be able to afford these facilities.
Lila learned about the industry both as a reporter and as a customer, helping her parents transition to assisted living. Her advice: don’t wait for an emergency to understand this world. You can start with her glossary describing the various kinds of senior living options, and her list of resources to better understand them.
TO DISCUSS WITH FRIENDS OVER DINNER…
- An estimated 22% of the world will be over age 60 by 2050.
- There will be more than 400 million people over age 60 in China alone by 2050, according to the UN.
- Assisted living costs an average of $4,000 to $5,000 per person, per month, in North American cities.
- The average hourly wage for elder-care workers in the US is about $12 per hour, despite a much-discussed labor shortage.
…OR WITH US, ON WEDNESDAY, ON A CALL
Join Lila and Quartz’s Katherine Foley for a call at 11am ET on Wednesday to discuss senior living and the new geriatric cool. They’ll provide an overview of the senior housing industry and explain how it is changing, who the key players are, and the labor and equity issues it faces. (The link and dial-in instructions are below.)
OTHER MEMBER CALLS THIS WEEK
Thurs., Jan. 9, 11am ET: Join Quartz journalists live from CES to discuss the biggest consumer tech conference of the year and the trends that are shaping it. Quartz’s Emily Withrow and Matt De Silva will share what they’re seeing in Las Vegas and answer your questions about which gadgets will and won’t make a splash in 2020.
We’ll be taking questions and comments live on the video conference call, accessible at the usual location.
If you’d like to dial in, use the following numbers:
UK: 0800-014 8469
USA: 866-226 4650
For all of the numbers, the access code is 722 994 440
You can view or listen to recordings of past calls with members here. And you can send questions in advance to members@qz.com.
Best wishes for a productive week,
Walter Frick,
Membership editor, Quartz