The construction of senior housing in the United States has fallen to its lowest rate in 14 years, coinciding with a significant increase in the population it serves. According to the National Investment Center for Seniors Housing and Care, the number of units under construction has dropped sharply, with fewer than 15,000 new units started in 2023, the lowest since 2010.
Occupancy rates for senior housing have been on the rise, reaching 89.5% in early 2026. The demand for senior living options is evident, as the North Central Texas Council of Governments projects a 33.5% increase in residents aged 60 and over in its service area by 2024, growing from 573,265 in 2019 to an estimated 765,329.
Despite the growing need, construction has slowed significantly due to high costs for labor and materials, which has deterred builders from starting new projects. The average time to complete a senior housing project has also increased, stretching from 21 months in 2017 to 29 months in 2023.
This disconnect between demand and supply highlights the challenges facing the senior housing market, particularly in a region that is aging rapidly.
