Inman: 7 Senior Housing Options Agents Need to Know!Daniel Dobbs2023-05-25T13:40:56-07:00
The following is a well written article by
America’s population is aging, & it’s time to get serious about senior housing.
The U.S. Census Bureau’s 2017 National Population Projections reports that by 2030, 1 in every 5 residents will be retirement age.
Soon a flood of aging baby boomer clients (and your own family!) will turn to you for advice about retirement housing.
“The aging of baby boomers means within just a couple decades, older people are projected to outnumber children for the first time in U.S. history.
By 2035, there’ll be 78 million people 65 years & older vs. 76.7 million under the age of 18,”writes Jonathan Vespa, a U.S. Census Bureau demographer.
Get the Lowest Interest Rate, Fees, and Fastest Service
YouTube – Straight Talk Lending – Daniel Dobbs
A Guide to Senior Housing Options
1. Aging in place
Most people like where they are and don’t want to move.
In fact, 87% of people over 65 want to age in their current home and community.
Aging in place has obvious appeal.
Seniors are comfortable in their home & neighborhood, have a social network of friends & neighbors and know the local stores and doctors.
The trouble with aging in place is most homes aren’t designed for the disabled. Stairs or narrow doorways can make the house inaccessible.
Kitchens, toilets and showers might be inappropriate for users with disabilities, and trip hazards abound.
Aging in place can put some seniors at risk for loneliness.
Many elderly are unable to drive, so if friends and neighbors start moving away or dying, the old neighborhood can start to feel alien and remote.
Senior isolation is a leading (preventable) cause of depression, cognitive decline and dementia.
2. Co-living
First popularized in the show Golden Girls, co-living can take many forms.
Options range from unrelated roommates sharing a house to planned communities of condos or SFRs with common areas for social activities.
The beauty of co-living is the built-in social network. Seniors have a group of neighbors or roommates to share meals, travel and support.
Websites are available to help seniors search for co-housing opportunities.
Depending on the arrangement, co-living may limit privacy, as anyone who’s had a college roommate can attest to!
Finally, co-housing usually works best for able-bodied seniors, since the public spaces often require everyone’s participation for upkeep.
3. Moving in with relatives
Living with relatives might be the ideal retirement arrangement as there’s a built-in support system with loved ones.
Younger generations could care for the elderly, and the retirees are there to help with childcare.
Unfortunately, moving in with family is uncommon in the U.S.
About 6% of U.S.-born and 2% of foreign-born seniors live with relatives.
But many seniors worry about imposing on younger relatives and many younger family members fear the loss of privacy.
Moreover, homes are often too small or are not suitable for the disabled, making moving in together impossible.
Those planning to move together who have the financial resources should consider multi-generational homes designed with ample space and privacy.
4. Retirement communities
Retirement and residential care communities are huge and growing rapidly.
Worth nearly $70 billion and growing almost 4% a year, organized retirement communities are the dominant market player in senior housing.
Advantages typically include an immediate social network with other seniors, escalating care as disabilities develop and organized activities and community spaces.
But retirement communities are often the most expensive option, frequently pricing out many seniors.
Communities often impose strict rules regarding pets, alcohol, smoking and overnight guests which degrade their residents’ dignity and autonomy.
5. Margaritaville
This is probably the coolest retirement community in the world!
6. Naturally Occurring Retirement Community (NORC)
A NORC is a community with a large fraction of residents over 60 which developed organically.
Often, it is a building that started with young families who remained together as they grew older.
These homes were not specifically designed to meet the needs of the elderly, but they have a remarkable social network.
Read more about these wonderful organizations here.
7. Accessory Dwelling Units (ADUs)
Recent law changes in many cities made it easier to construct ADUs.
The “ADU (assessory dwelling unit) buildouts are the hottest real estate market going ” according Gwen Field at Corinthian Title
Editor’s Note: Ms.Field will be a future guest columnist for me, as the the ADU market is continuing to evolve; I’ve been impressed with her knowledge and her husband’s who is a licensed contractor.
ADUs are less expensive than most other types of senior housing.
Granny flats offer a great combination of privacy & proximity to a loved one.
Since ADUs are detached from the main house, the residents of the ADU & the owners of the main home preserve their dignity and control of space.
