The demand for more senior housing tops the list of all residential segments. At present, current inventory does not meet the needs of this group that is projected to grow by 25 million in the next 15 years. What is this market looking for and how can you meet the needs of this important and growing segment?
Now between the ages of 62 and 71, baby boomers represent a sizeable and growing population with its own set of unique housing needs. An increasing number from this iconic generation are finding themselves in transitional phases that require new living arrangements, such as senior housing. Here are some things that America’s baby boomers are looking for.
Affordable Housing Options
For baby boomers entering retirement, the price of rent or a mortgage becomes increasingly important — particularly for those with smaller nest eggs or individuals who may be downsizing due to family or lifestyle changes. In response, some cities like Chicago are seeing a growing demand for affordable refurbished properties among middle-income seniors.
Senior Living With Amenities
One trend among developers looking to cater to seniors, particularly younger boomers with more disposable income, is assisted living centers with upscale amenities, such as spas, movie theaters and swimming pools. Many of these multi-unit dwellings emphasize community activities beyond the range of traditional senior housing.
Accessible Single-Story Homes
For baby boomers looking to live in homes versus communities or apartments, accessibility may be an important factor. This need could see an increased demand for single-story homes with flat floor plans, ample lighting, safe neighborhoods and wider doorways and hallways.
Another important way that real estate professionals can help individuals in the growing senior housing market is by offering American Home Shield® Home Warranties. These plans can help protect homeowners’ budgets and covers major components of up to 21 of your home systems and appliances.