Retirement Communities in Ohio
Over the past five years the Retirement Communities industry in Ohio has experienced mainly steady growth. Unlike nursing homes, retirement communities do not offer healthcare services and focus on independent living. Demand for retirement communities is mainly based on people's ability to pay for residence fees. Over the past five years, per capita disposable income in Ohio has increased. As a result, more people have been able to afford to move to high-end retirement communities. Additionally, demand for retirement communities has grown as Ohio's population has aged because retirement communities are only available for individuals over a certain age. However, despite growing demand for industry services, the industry has grown minimally over the past five years. Profit margins have declined over the past five years as Medicare has expanded and more residents have been able to pay for their fees using government insurance, which carries low reimbursement rates and yields low profit for retirement communities. Moving forward, the trends that have supported industry growth in Ohio are expected to continue.
This industry provides residential and personal care services for the elderly and other individuals who are unable to fully care for themselves or who desire to live in a community facility. The industry excludes companies that predominantly provide inpatient nursing, skilled-nursing or rehabilitative services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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