The U.S. Bureau of Labor Statistics estimates that the job market for home healthcare will grow at a rate of 33% between now and 2030, a much faster than average rate of growth. With a rapidly aging population and a lucrative job market, starting a home healthcare business is a major opportunity for entrepreneurs in America.
As a franchisee, you can provide high-demand healthcare services to senior citizens in the comfort of their own homes all while growing a profitable business. Though demand is high across the country, Boost Home Healthcare has identified six states with the hottest markets for starting your business. Using data from the Population Reference Bureau, let’s take a look at what makes these the best states to open a home healthcare business.
Number of people over 65 in 2020 Census: 1,812,000
Percentage of the state population: 18.2%
Michigan has a unique and robust senior population, with almost the same number of adults over 50 as there are people at all in the whole state of Oklahoma. It is also a very affordable state to retire in. So while it’s true that many older adults end up moving to warmer climes, a considerable number of others choose to stay and reap the rewards of affordable housing and home care in Michigan.
Number of people over 65 in 2020 Census: 2,098,000
Percentage of the state population: 17.9%
Like Michigan, Ohio has a 50+ population that outnumbers the entire populations of several other U.S. states. By 2030, the percentage of adults over 65 in Ohio is expected to reach about 22%, a massive increase from the current proportion. And though Ohio has an above-average number of independent living communities, assisted living facilities, and nursing homes, it needs more home healthcare services, as this attractive option is already in high demand.
Number of people over 65 in 2020 Census: 566,000
Percentage of the state population: 17.9%
Many people’s thoughts turn South when they think of the hottest areas—both in terms of climate and for senior care business opportunities. However, plenty of Northern and Midwestern states with aging populations need in-home care services, too. For instance, the State Data Center of Iowa found that 29.8% of Iowans aged 65 and older lived alone in 2019. That makes the market for in-home care services particularly attractive in the Hawkeye State.
Number of people over 65 in 2020 Census: 157,000
Percentage of the state population: 17.6%
South Dakota may seem a surprising choice for this list. After all, the population is quite small and falls among the national aging & life expectancy averages. That said, more older adults in South Dakota remain in the workforce than in almost any other state. Almost half of the 55+ population remains employed, suggesting that there are plenty of older adults here who still want to stay independent and age in place.
Number of people over 65 in 2020 Census: 1,198,000
Percentage of the state population: 17.4%
Though in many ways representative of the national average, Massachusetts’ aging population has some interesting features that make it an attractive market. The life expectancy in Massachusetts is 80.4—the sixth highest in the United States and about 2 years above the national average. Residents of the cradle of liberty are living and working longer, again suggesting a strong desire to continue living independently with purpose.
Number of people over 65 in 2020 Census: 653,000
Percentage of the state population: 16.4%
Oklahoma sometimes gets overlooked in home healthcare business conversations because of its below-average median age and senior rate. However, only about 109 total nursing and in-home health workers are employed for every 1,000 Oklahoma residents over 65. And because Oklahoma, too, is very economical, more of those residents are not only willing but able to afford home healthcare services.
There are plenty of regions across the country that are in need of home healthcare services, creating a wealth of opportunities for savvy entrepreneurs. If you’re ready to start a successful, rewarding business, call Boost Home Healthcare today! By franchising with us, you can take full advantage of your market using our robust training, resources, and support systems. Get in touch today to learn more about our opportunities and available territories.
Boost Home Healthcare is here to provide the skilled in-home care services that senior citizens across America deserve. If this vision aligns with your own passions, become a part of the solution by franchising with us today. For more information, speak to a franchise representative at (248) 781-8841 or get in touch online today.