It’s no secret that the number of individuals turning 65 has increased, and it doesn’t look like it’s slowing down any time soon. According to the Pew Research Center, the proportion of Americans over 65 is projected to grow from 16.3% to around 19% by 2050. For those in the home care industry, this is phenomenal news, as it means a steady stream of clients, which means a demand for in-home care franchise locations.
If you’re thinking about starting your franchise journey with Homewatch CareGivers®, we have the facts on the states that are hotbeds of senior activity and best for home care agencies. Hopefully, this list will give you a better idea of which territory will suit you best.
Population over age 65: 21%
Maine is currently home to 1.3 million people, with 21% of the population over 65. Therefore more than 270,000 aging individuals are happily in their golden years and potentially need home care assistance. Opening a franchise in Maine requires a home care business to categorize itself as either a medical or non-medical agency. This distinction is pretty self-explanatory and significant because both require different licenses to operate. Homewatch CareGivers franchisees opening a business in Maine will get complete support from our management team and instruction on obtaining everything needed to get a new franchise up and running.
Population 65 or older: 20.5%
According to Kiplinger Magazine, Florida is one of 10 states considered tax-friendly for retirees with no state income tax. As a result, there are no state taxes on Social Security benefits, pensions, IRAs, 401(k)s, and other retirement income. These tax perks are one of the reasons the senior population is flocking to Florida in droves. But that’s not all. A Genworth Cost of Care Survey was conducted in 2019 and found that in-home care costs are lower than the national average of $4,290 monthly.
For prospective home care franchise owners, Florida is a territory that offers many attractions for growing families and older adults in the prime of their lives. Becoming a franchisee in Florida is competitive but could prove highly successful when partnered with the right franchise brand.
Population 65 or older: 20%
West Virginia is a top-rated state to open a home care franchise because it has a 20% senior population and has a simple business startup process. According to Home Care Business Resources, in most states, the process to start an in-home care agency usually requires the business owner to undergo a home care license survey, acquire a business address outside of the home, and hire qualified staff. However, West Virginia doesn’t require a potential business owner to purchase an agency license, meaning no staff is required, and there’s the potential to start the business in a home office. This means that opening a franchise could prove easier and faster in West Virginia than in other states like Maine and Florida for prospective franchise owners interested in this territory.
Population 65 or older: 19.8%
Vermont comes in as the state with the lowest overall population, with 623,989 as of 2019, according to Census.gov. However, don’t count this underdog out just yet. Vermont has been consistently named the healthiest state in the nation by United Health Foundation’s America’s Health Rankings® Annual Report. In the same 2020 report, Vermont’s number of home care workers decreased by 9% from 209 to 190 professionals per 1,000 adults aged 65 and older. Simply put, there is both a demand for home care services and qualified professionals to provide assistance, so future Homewatch CareGivers franchise owners will have ample opportunity to make their marks.
Population 60 or older: 15%
While Texas has the smallest senior population percentage on this list, it outranks other states in overall statewide inhabitants, coming in at over 29 million people. With 3.8 million of those people over the age of 60, that means there’s high demand for individuals looking for in-home care services. And what’s even better is that the 3.8 million is projected to increase to 12 million over the next 30 years. Thus, making Texas the state with the fastest-growing senior demographic.
Texas is an ever-expanding market for entrepreneurs looking to open an in-home care franchise. With the aging and state populations consistently increasing, potential franchisees can’t go wrong setting down business roots in The Lone Star State. Prospective franchise owners with Homewatch CareGivers can find many opportunities in major cities such as Dallas, Austin, and Houston.
Franchise Opportunities Available Now!
Regardless of the specific state, we have available territories across the U.S. and Canada right now! You can use our Available Territories Map to search for franchise opportunities in your home state or another.
Entrepreneurs interested in opening an in-home care franchise—in most cases—must go through the state’s Department of Health and Human Services to obtain the proper licenses and permits. Fortunately, our team at Homewatch CareGivers is well-versed in everything needed to get your franchise off the ground and help it thrive.If you’re ready to get started with a home care franchise opportunity, contact us today at (888) 718-5318 or fill out our contact form online.