Final answer:
Assisted living facilities and elder care services are the fastest growing types of residential care in the US, driven by the aging baby boomer generation.
Step-by-step explanation:
The fastest growing type of residential care in the US is assisted living facilities and other forms of elder care. With the aging of the baby boomer generation, there has been a growing demand for housing options that cater to the needs of the senior population. This increase in demand is changing how social institutions, including healthcare and housing, are organized. The shift in demographics is leading to the development of more senior living communities, especially in warmer climates where many retirees prefer to live. Furthermore, the aging of the population is raising concerns about labor shortages and the financial stability of the country as tax income decreases and pressure on pension and retirement plans increases.
According to a study by the Pew Research Center, a record 64 million Americans live in multigenerational households. This trend has been attributed to the aging baby boomer population and their preference for living with their adult children and grandchildren. Multigenerational households provide benefits such as shared expenses, emotional support, and care for older family members.