Senior Housing Options

In the US Census Bureau’s 2017 National Populations Projections report, it was anticipated that by 2030, one in five people will be retirement age. By 2035, 78M people will be 65 years of age as compared with76.7M people under the age of 18, according to Jonathan Vespi, US Census Bureau demographer.

Where and how older Americans live are big issues all Americans must face. Budgetary, social and health needs ought to be at the forefront of decision-makers’ minds when making elder housing choices. Here are some options:

1. Aging in Place
   1. Pros
      1. Many have social networks of friends and neighbors where they currently live.
      2. Most are comfortable with their own doctors and shopping/grocery stores.
   2. Cons
      1. Most homes are NOT designed for elder or disabled residents.
      2. Most homes have narrow doorways and/or stairs.
      3. Kitchens, toilets, showers, etc. may not be appropriate.
      4. There may be trip hazards.
      5. There is a risk of loneliness if/when friends/neighbors move/ pass away.

2. Co-living arrangements – from unrelated roommates to planned communities
   1. Pros
      1. Built-in social network.
      2. Groups of neighbors with whom to share meals, travel and support systems. 2.Cons
         1. May limit privacy
         2. Can be hard to find
         3. May need physical skills to remain part of community

3.Moving in with relatives

1.6% US-born and 25% foreign-born live with relatives

2.Built-in support system with loved ones

3.Multi-generational homes with ample space and privacy for everyone.

1. Retirement Communities
   1. Rapidly growing segment of housing market.
   2. Dominant market player with nearly $70B investment backing and 4%/year growth rate.
   3. One of most expensive options.
2. Margaritaville
3. 1.Latitude Margaritaville communities feature beaches, music, pools, recreational amenities, etc.
4. Naturally Occurring Retirement Communities (NORC)
   1. Large fraction of residents is over 60.
   2. Communities develop organically and often begin when the residents are young individuals/families who choose to remain together.
5. Accessory Dwelling Units (ADUs)
   1. ADUs are variants of the tiny house sector.
   2. Built in backyard of relative or friend.
   3. Less expensive than other options.
   4. Offer comfort, privacy and proximity to loved ones.
   5. Detached from main house so everyone preserves their dignity and control of space.