Available senior housing for lesbian, gay, bisexual, transgender and queer older adults is a growing concern — and a growing opportunity for investors and developers. 

According to the American Psychological Association, 2.4 million LGBT older adults aged 50 or more years live in the United States, and that number is expected to double by 2030. 

“The ongoing demographic shift toward an older US population, sometimes called ‘the silver tsunami,’ has made the baby boomers the center of a lucrative rise in demand for senior housing, the Commercial Observer reported.

“The senior age group is growing exponentially; it’s become a large market. So, if you’re looking at it from a business, real estate, housing development perspective, you want to prepare for this group of customers,” Amy Simon, president of LGBT Senior Housing and Care, told the Commercial Observer. 

Cleveland, San Francisco and six other cities recently were named by US News and World Report as ideal retirement destinations for LGBTQ older adults.

Building senior living and care communities targeted toward enabling LBGTQ older adults to maintain their authentic identities is a focus for some right now, as McKnight’s previously reported. In a 2018 AARP study, more than 60% of LBGTQ individuals surveyed said they were concerned about how they would be treated in a long-term care setting. A 2021 study from Rush University Medical Center also uncovered fear of discrimination.

“Developers see this space as one with potential, since even giants of the industry have embarked on their own projects,” according to the Commercial Observer.

For example, the first affordable housing community in New England specifically built for LGBTQ seniors opened in Boston last year.

“They’re much, much less likely than other older adults to have family, community, church support,” LGBTQ Senior Housing Executive Director Gretchen Van Ness told the McKnight’s Business Daily at that time. “So having a place to go that’s affordable and welcoming, where they can live their authentic lives, is critical for their safety and health and well-being.”

The LGBTQ-friendly Montrose Center’s Law Harrington Senior Living Center in Houston has one- and two-bedroom independent living apartments for low-income individuals and couples who are aged 62 or more years.

LGBTQ older adults are looking for welcoming communities where they can express their authentic identity without retreating into the closet in their retirements, according to experts. 

“LGBTQ+ older people have been fighting for their entire lives to ensure that they and those who follow in their footsteps can live their lives free from discrimination,” SAGE Managing Director of Government Affairs & Policy Advocacy Aaron Tax recently told the McKnight’s Business Daily.