House And Home: New Housing Trends For Your Later Years
House And Home: New Housing Trends For Your Later Years
March 27, 2019
Where do you see yourself living in the years to come? While the majority of us hope to “age in place,” not all of us can or want to do so in the homes in which we raised our families. It’s clear from surveys that many of us want to transition to housing that better fits our needs and interests as we get older: a place with less space and less maintenance, a place that allows us easy transport (either public transportation or even foot travel) and a place where we can indulge our cultural, social or educational interests. For many, the trend is to relocate to a college town or an urban setting. New data confirms that many are moving to cities and becoming important participants in the rental housing market. In fact, across the country, the number of 60-year-old renters has surged 43% in the last decade. In cities like New York, those over 60 account for almost 30% of all renters. And it’s estimated that by 2035 seniors will account for 1/3 of all renters in the country. So write out that rent check and check out the trends here. And if you’re looking for some good and practical advice about how to figure out where you want to relocate for your next (and perhaps final) move, consider the ideas in this recent piece from Kaiser Health News.
And for those looking to downsize and transition to a different type of housing you may also experience another current housing phenomenon: that of baby boomers who are unable to sell their large homes for anything close to what they expected. There’s a glut of unsold homes in many regions in the country, as younger buyers either lack the capital or have shunned the lifestyle connected with homes that baby boomers are putting on the market. The problem is expected to worsen as more and more homeowners in their 70s or 80s look to sell due to health circumstances or even death.
And for those of you looking to a “senior community” for your next destination, it turns out the desires and expectations of those seeking that type of housing are also changing. The age of the remote retirement community in an expansive rural setting may be waning as seniors seek a more independent community where the name of the game is more hospitality than health care. In fact, in a sign of the times, Canyon Ranch, the company that pioneered the concept of a spa and wellness retreat, is now getting into the senior housing business. Seems like some of today’s seniors are more interested in spa treatments and hiking paths than shuffleboard and pinochle, and the senior housing market needs to satisfy and appeal to this changing population. So put on your yoga pants and take a look at the plans of Canyon Ranch here.