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SENIOR HOUSING MARKET ANALYSIS <br />person households. That means the decision to move a spouse into a memory care facility <br />involves the caregiver's concern of incurring the costs of health care at a special facility <br />while continuing to maintain their home. <br />/ Skilled Nursing Care, or long-term care facilities, provides a living arrangement that <br />integrates shelter and food with medical, nursing, psychosocial and rehabilitation services <br />for persons who require 24-hour nursing supervision. Residents in skilled nursing homes <br />can be funded under Medicare, Medicaid, Veterans, HMOs, insurance as well as use of <br />private funds. <br />Fully <br />CONTINUUM OF HOUSING AND SERVICES FOR SENIORS <br />Highly <br />on Care <br />Single -Family Home <br />Townhome or <br />Apartment <br />Congregate Apartments w/ Optional <br />Services <br />Assisted Living <br />Nursing Facilities <br />Age -Restricted Independent Single -Family, <br />Townhomes, Apartments, Condominiums, <br />Cooperatives <br />Congregate Service Intensive - <br />Assisted Living with Light Services <br />Memory Care <br />(Alzheimer's and <br />Dementia Units) <br />Independent <br />Lifestyle <br />Source: Maxfield Research and Consulting, LLC <br />Fully or <br />Dependent <br />Product Type <br />Senior Housing <br />The senior housing products available today, when combined with long-term care facilities form <br />a full continuum of care, extending from virtually a purely residential model to a medically in- <br />tensive one. Often the services available at these properties overlap with another making <br />these definitions somewhat ambiguous. In general, active adult properties tend to attract <br />younger active seniors, who merely wish to rid themselves of home maintenance; congregate <br />properties serve independent seniors that desire support services (i.e., meals, housekeeping, <br />transportation, etc.) while assisted living properties tend to attract older, frail seniors who need <br />assistance with daily activities, but not the skilled medical care available only in a nursing facil- <br />ity. <br />Senior Housing in Ramsey <br />As of June 2019, Maxfield Research identified two senior housing developments in Ramsey. <br />These properties contain a total of 122 units. There are seven vacancies resulting in an overall <br />vacancy rate of 5.7% for senior housing developments. The equilibrium vacancy rate for senior <br />housing is considered to be between 5% and 7%. <br />Table S-1 provides information on the senior housing properties and includes information on <br />year built, number of units, unit mix, number of vacant units, rents, and general comments <br />about each project. <br />MAXFIELD RESEARCH AND CONSULTING 86 <br />