Parks Points

Eighty-seven percent of consumers aged 65 or older consider living independently in their homes very important, and 85% consider being financially independent very important. Living independently in one's own home is highly desired by nearly all seniors and often is the only financially feasible options for many. The aging demographics of the US population is enlarging the senior market, which opens opportunities for companies who offer assistive services like monitoring solutions and virtual care that will improve seniors' safety and wellness in the home and enhance communication with loved ones or caregivers.

But seniors have some strong notions about what they want in an independent living system. They identify the ability to detect fire, water, or gas leaks as the most important must-have feature in an independent living system. Five of the top seven must-have independent living system features identified by seniors are various monitoring functions already available from leading professionally monitored home security systems.

According to Parks Associates research, nearly one-quarter of seniors own a home security system, and seniors who own a home security system are more likely to purchase an independent living system than any other group in this age demographic. Seniors' familiarity with residential security means home security system dealers and other security providers are a natural fit to offer and maintain independent living solutions.

For more information on this topic, see Parks Associates'360 View: Independent Living: Senior and Caregiver Perspectives. This study identifies housing trends among seniors, what features of connected technology including wellness and fitness wearables are in highest use and demand among seniors. The research also examines drivers and barriers of telehealth and virtual visit services among seniors.