Alaska will need more assisted living homes: senior population expected to boom through 2014.

• Author: Viray, Khristian
• Position: ALASKA TRENDS

According to Alaska Economic Trends October 2016 report, Alaska's senior citizen population is projected to rapidly grow through 2024. In particular, the sixty-five-year-old and above population is expected to boom by 67.7 percent during that time period. This is a major driver of employment growth in the healthcare field overall, which will expand by nearly 16 percent; home healthcare services are expected to grow even more, by 22.2 percent.

The cost of assisted living points to an opportunity for competition in the marketplace. The 2015 Genworth Financial cost of care survey estimated that Alaska's average cost of assisted living for one elderly person is $5,703 per month, a figure well above the national average of $3,600 per month. The Alaska Department of Health and Social Services currently has 653 licensed assisted living homes in Alaska as of October 2016. Assisted living homes are divided into three categories based on the type of their residents:

* SS--Adults Age 18 and older who have a physical disability, are elderly, who suffer from dementia, but who are not chronically mentally ill.

231 homes

2,076 residents

* DU-Adults age 18 and older who have a physical disability, are elderly, who suffer from dementia, who have a developmental or mental health disability.

41 homes

412 residents

* DD/MH-Adults age 18 and older who have a developmental or mental health disability.

381 homes

1,388 residents

The SS and DU categories are the two that are associated with elderly care. Current numbers show that the two categories are housing 2,488 residents. Approximately 58.5 percent of those residents reside in the Municipality of Anchorage, 13 percent in the Mat-Su Borough, 10 percent in the Gulf Coast Region, 8.5 in the Southeast Region, and 8.4 in the Interior Region.

The average number of residents in a SS home is about nine, if larger homes such as the Pioneers Home in Anchorage and Providence Horizon House are included; in DU homes the average is ten, but in both cases the most common is about five residents in a home. The City of Anchorage has the most homes with 168 SS homes and 32 DU homes.

In July 2014, the Alaska Department of Labor and Workforce Development estimated that the sixty-five and older population is 71,240. If the projected increase of 67.7 percent comes to fruition, senior citizens will increase approximately to 119,470 by 2024. In order to keep up with the potential demand, Alaska will need many more assisted living homes in the next decade.

Indicator Units Period GENERAL Per Capita Personal US$ 2ndQ16 Income--Alaska Per Capita Personal Income--US US$ 2ndQ16 Consumer Prices-Anchorage 1982-1984 = 100 1stH16 Consumer Prices--US 1982-1984 = 100 1stH16 Bankruptcies Alaska Total Number Filed September Anchorage Total Number...