When it comes to investing in senior housing, market-rate and luxury developments get the attention. This makes sense given that baby boomers control a massive amount of wealth, around $85 trillion in U.S. household assets — roughly half of the nation’s total wealth — according to data from the Federal Reserve. Yet, looking at a multi-trillion-dollar number gives an overly rosy impression of this aging cohort. According to the Senior Citizens League’s 2025 Senior Survey Report, Social Security provides 100 percent of income for 21.8 million American seniors. This represents more than one-third of the estimated 61 million Americans 65 and over. With the average Social Security payment coming in at $2,071 in January 2026, these retirees are not paying for market-rate senior housing.
So, what are the seniors who may have been living in affordable or workforce family housing for years to do?
Enter for-profit affordable senior housing developers.
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