Assisted Living Facilities NAICS 623312
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Industry Summary
The 14,994 Assisted living centers in the US serve adults who need help with everyday tasks, but don’t require full-time care. Continuing care retirement communities (CCRC) provide independent living, assisted living, and nursing home facilities, allowing residents to stay on the same campus as their needs change.
Resident Turnover
Because the average stay at an assisted living facility is less than two years, firms may struggle to maintain occupancy while managing constant turnover.
Employee Turnover
Employee turnover in the senior living industry is high but remained stable in 2024, according to the 26th annual Assisted Living Salary & Benefits Report by Hospital & Healthcare Compensation Service.
Recent Developments
Nov 10, 2025 - Investment In Industry Proves Difficult For Asset Management Firm
- Real estate giant Blackstone is quietly selling off its portfolio of about 9,000 senior-housing units across the US, according to The Wall Street Journal. Blackstone looks to buy undervalued properties it can improve then sell them at a significant profit but senior housing proved to be a very complex turnaround project, according to the Journal. The senior living business is much more operationally intensive than most other forms of commercial real estate, requiring large staff payrolls, food-service operations, and attention to residents’ health needs. A number of properties have been sold at a substantial loss since Blackstone began selling off its portfolio in 2022, according to the Journal.
- More than 564,000 new senior living units will be needed by 2030, but only about 191,000 are expected to be added at current rates, according to McKnight's Senior Living. Older adults are moving into senior housing at a rapid pace, and that trend will continue given the wave of baby boomers and many more ‘solo agers’ who don’t have a caregiver to rely on as a safety net,” according to Lisa McCracken, head of research and analytics for the National Investment Center for Seniors Housing & Care. “The industry needs to ramp up development for supply to catch up with demand, but we don’t foresee any meaningful movement here in 2025 given current market conditions.” The pace of new senior-housing units and units under development was slower than historical norms in the first quarter of 2025, according to Market Watch.
- The threat of capital gains taxes is leading older homeowners to keep their homes rather consider a move to a senior living community, according to a report from CareLogic. Homeowners can exclude housing capital gains for up to $500,000 — or $250,000 for single households — from the sale of their homes thanks to the Taxpayer Relief Act, but increasing home prices have caused almost 8% of US homes sold in 2023 to exceed that limit, leaving homeowners liable for capital gains beyond the limits.
- Assisted living industry employment increased slightly and average wages for nonsupervisory employees decreased slightly during the first seven months of 2025, according to the US Bureau of Labor Statistics. Nursing and residential care industry revenue increased 8.7% year over year and 4.5% quarter over quarter during the fourth quarter of 2024, according to the US Census Bureau. Assisted living facilities sales are forecast to increase at a 4.73% compounded annual rate from 2025 to 2029, faster than the growth of the overall economy, according to Inforum and the Interindustry Economic Research Fund, Inc.
Industry Revenue
Assisted Living Facilities
Industry Structure
Industry size & Structure
The average assisted living facility employs about 34 workers and generates about $2.5 million annually.
- The assisted living industry consists of about 14,994 firms that employ 502,700 workers and generate over $37.3 billion annually.
- The industry is concentrated at the top and fragmented at the bottom; the top 50 companies account for about 40% of industry revenue.
- The assisted living industry includes chains, independent operators, and non-profit organizations. More than 55% of establishments are chain-affiliated; more than 40% are independently owned, according to the American Health Care Association/National Center for Assisted Living (AHCA/NCAL).
- About 90% of firms are for-profit entities, while about 10% are non-profit tax-exempt organizations.
- Large companies include Brookdale Senior Living (726 communities), Life Care Services (LCS – 135 communities, 95 campuses), and Holiday Retirement.
- There are approximately 28,900 assisted living communities with almost 1 million beds in the US.
- More than 800,000 Americans reside in assisted living; 71% are women and 29% are men. More than half of residents are aged 85+.
Industry Forecast
Industry Forecast
Assisted Living Facilities Industry Growth
Source: Vertical IQ and Inforum
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