Senior Housing Expectations Are Changing As Baby Boomers Head to Retirement
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Newsweek has an interesting feature on senior housing this week, with a special emphasis on the Del Webb division of Pulte Homes. The focus on cities they are creating such as the Sun City Festival just outside of Pheonix. The concept of senior housing is changing rapidly as the baby boomers mature. They are not prepared to go into senior housing that previous generations have used.
I grabbed this outake that has some very interesting facts on what the baby boomers are expecting in their retirement.
When it comes to housing, boomers have had a fabulous run. Consider: in 1950, when the first boomers were still preparing for kindergarten, the average newly built home measured just 963 square feet, one third of U.S. houses lacked complete indoor plumbing and 45 percent of Americans lived in rented dwellings. Today new homes average 2,434 square feet, the homeownership rate is nearly 70 percent and many baby-boomer homeowners lounge in spalike master baths, luxuriating beneath multiple shower heads and soaking in jetted tubs with horsepower rivaling the original Volkswagen Beetle’s.
Even today, as the great real-estate boom of the early 21st century shifts to a buyer’s market, baby boomers are still sitting atop trillions in equity generated by swollen home values. And as the oldest boomers hit 60, the real-estate industry stands ready to help this first wave cash in. Some boomers will follow the traditional route, retiring to updated versions of “age-restricted” sun-belt communities. Others will stay in their current locations, trading down to smaller houses or outfitting their existing homes to accommodate their aging bodies. Some of the wealthiest boomers will toggle between multiple homes—a lifestyle some are leading even before retirement.
Read the rest at MSNBC.com.
John
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