Senior Housing A Strong Point In Market
As the housing market continues to move slowly, there is a bright spot out there, senior assisted housing. My mother in law is now going into a community and demand is still strong as seniors citizens are needing that extra care and comfort that senior housing provides.
And since a large percentage of the homes owned by people heading towards retirement communities do not have a mortgage, selling can be much easier.
The 65-and-over population is projected to double over the next three decades, according to the National Council on Aging. The national average age at which someone moves into some type of senior housing is 83 years.
Many seniors are financially healthy.
A year ago, the American Seniors Housing Association found that seniors 75 and older have a great deal of equity in their homes, largely because most have lived in them 24 years on average; 75 percent of seniors owned their homes outright. via Seattle Times
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Comment by Joshua Dorkin @ BiggerPockets.com on 25 April 2009:
Good point, Tom. As the boomers continue to age, the trend toward Senior Housing is going to continue . . . retirement communities are probably a great place to be investing right now. That said, many seniors did refinance and take out HELOCs on their homes to pull cash out during the bubble, and sadly, many of those folks are now in as much trouble as everyone else.
Comment by McLean VA Luxury Homes for Sale on 3 May 2009:
The buzz on the street is how many seniors wil have money left in their retirements to fund a lifestyle like this now? Pricing will have to be very affordable to finance these dreams.