Last week we discussed how essential it is for retirement communities—and the senior living industry overall—to listen to the voice of the resident. People who choose to move into a retirement community should feel comfortable, respected, and heard by management. Administrators must therefore put effective processes in place to receive, evaluate, and act on resident feedback.
Listening to prospects and residents is valuable for nearly any industry. That’s one reason myLifeSite periodically conducts a consumer survey: to gather insights from current and prospective retirement community residents about what matters to them, what influences their decision-making, and what causes them to delay or avoid a move.
>> Related: The Voice of the Resident Should Be Heard by Retirement Communities
We’re listening to the voice of the senior living consumer
The results of the 2023 myLifeSite Consumer Survey are in. While our sample was modest—255 respondents—the responses still reveal useful trends that retirement communities can use across the sales cycle and after move-in.
The survey’s 10 questions highlighted how nuanced the senior living decision can be. Social, financial, health, and logistical factors all play a role, and the responses emphasized a number of recurring themes:
- Social connections and community involvement
- Diversity and inclusion
- Location and lifestyle
- Family and relationships
- Financial concerns
- Health and independence
- Community residence features and amenities
- Downsizing and moving logistics
- Personal preferences and daily routines
- Community management and governance
- Unique individual circumstances
One of the survey’s key findings centers on what holds people back from moving into a retirement community. The top factor may not surprise many professionals in the industry, but it’s a reminder of an issue communities must address directly with prospects.
>> Related: 3 Reasons Seniors Delay a CCRC Move & Why They Should Reconsider
The top retirement community move concern
Respondents cited several reasons for delaying or avoiding a move. Lack of trust in the organization or staff was a major concern: 34.8% of respondents said this would likely or very likely make them delay a move. Representative comments included:
- “Concern community would be sold to a for-profit non-healthcare investor owner.”
- “Lack of control of quality, especially for obligatory paid dining.”
- “Concerns about financial viability of the community. Will it be managed properly? Will services be available when I need them?”
Another common barrier was not wanting to leave the comfort and independence of a current home, cited by 37.3% of respondents. Downsizing and preparing a house for sale were frequently mentioned:
- “The process of downsizing along with preparing and selling the current home will most likely be the greatest stumbling point.”
- “Prefer independent life.”
- “Don’t want to leave my community of close friends.”
But the most common reason people hesitated was concerns about cost and affordability—41.3% said this was likely or very likely to make them pause. Sample responses included:
- “Buy-in fees and monthly cost much higher in our area.”
- “The high rent increases each year.”
- “Not wanting to pay for services I don’t yet use, like meal prep/availability or housing while I’m still traveling.”
>> Related: What’s the True Cost of Staying in the Home?
A concern for almost all age demographics
The survey broke down top concerns by age group and found that cost and affordability was the leading worry across nearly every cohort. Only respondents age 85 and older did not list cost as the sole top concern.
Among those under 65, 52.6% cited cost as their top concern. For ages 65–74, the figure was 38.4%, and for ages 75–84 it was 43.5%. For respondents 85 and older, 31.6% listed cost and affordability as a primary concern, tying with both a desire to remain independent and a lack of trust in community management or staff. Notably, 42.1% of that oldest group reported that a spouse or partner not wanting to move was the main reason they would delay or avoid a move.
>> Related: The Cost of a CCRC vs. the Value to Residents
Another demographic distinction
Marital status also affected concerns about cost. Among those who are married or partnered, 36.5% said cost or affordability would likely or very likely delay a move. For widowed respondents, it was 40.6%, and for single or never-married respondents it was 44.4%.
Most strikingly, 73.9% of divorced or separated respondents said cost and affordability were likely or very likely to deter them from moving—a clear indicator that people aging alone often face heightened financial anxiety about senior living options.
This finding highlights the challenges faced by “soloagers.” Not all who age alone want to move into a retirement community, but for those who do, cost is frequently the biggest obstacle.
>> Related: Single Seniors May Pay the Price When it Comes to Retirement Savings
Making a cost-value case for a retirement community move
Understanding that cost and affordability consistently top the list of reasons people delay or avoid a retirement community move is actionable intelligence for the senior living sector. Communities need to educate prospects about affordability and make a clear, compelling case for the value residents receive.
Many people who want to move believe they cannot afford it when, in fact, they can. Tools like lifetime affordability calculators can help communities pre-qualify prospects and provide a realistic view of long-term affordability. Educating prospects with accurate financial planning and demonstrating tangible value—what residents actually receive for their money—can reduce uncertainty and build trust.
Of course, not everyone will be able to afford a move, and some will simply prefer to remain in their current homes. But for those who would welcome the convenience, community, and security offered by a 55-plus community or a continuing care retirement community, clearly communicating cost, options, and value is essential.