Urban Senior Living on the Rise
Posted by Donna Mae Scheib on May 02, 2018
Urban Senior Living on the Rise
Americans are living longer, and on average, 10,000 Americans reach retirement age every day, and this rate will continue until the 2030s for the baby boomer generation. By the mid-2030s, there will be nearly 79 million Americans over the age of 65. With this population growth in mind, the question is where will these seniors choose to retire and to live? For the senior living market, the question becomes a lot more complicated as a building boom will be necessary to accommodate such a population and using research to study what makes a senior living complex attractive and affordable will also be another important question to resolve.
Many seniors in the 55 plus age group are choosing to move to city locations for many reasons including:
- Access to an array of prominent healthcare facilities
- Walkability and proximity to public transportation services
- A variety of entertainment and dining options
- Intergenerational social lifestyle
- Living near large airport hubs in major cities offers more affordable travel options
Bigger cities have recognized the importance of seniors as well as their disposable income (70% of America’s disposable income is held by those aged 50 plus) and have made accommodations to attract more seniors to their cities and for senior residents to stay put rather than move away. Some of these accommodations include making public transportation handicap accessible, widening sidewalks in pedestrian areas, and putting out benches in market areas.
Currently, there are a few states that have a certified retirement community program that focuses on criteria important to seniors such as the affordable cost of living, quality healthcare access, low crime rates, transportation services, continuing education opportunities, entertainment, etc. These programs will hopefully offer economic enrichment for cities while at the same time have approval from the retired senior community as a quality place to spend their golden years.
What Should the Senior Housing Market Focus on?
City life for seniors has gained in popularity over the last few years and will continue to rise. However, senior living in the suburbs continues to be where most seniors will retire. Senior living builders have focused much of their high-end senior living options within the cities which leaves an affordability gap for those in a lower income bracket that have little to no disposable income. Around 45% of baby boomers do not have any retirement savings and many of those that do would not be able to afford to live off their savings. As more and more seniors will need access to affordable housing and skilled nursing care, the senior housing market will have to focus on a balance of building luxurious retirement communities as well as convenient and affordable senior living options for both ends of the spectrum in a variety of locations. Would you choose to retire in the city or do you like the idea of suburban or rural options? Senior living link offers a directory to quality senior living options throughout the nation, contact us today or call 844-480-8572 so we can help find a community that will best suit you!
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