The population of America is aging and as a result the real estate needs of older adults are changing as well. That’s the point of a recent article from Keeping Current Matters titled “Rethinking the 55+ Market.”
The article identified three distinct types of moves involving older adults: Amenity-based, anticipatory/planning and needs-based.
Let’s take a quick look at what defines the Real Estate Needs of Older Adults.
- Amenity-based: These seniors seek a certain type of lifestyle. Their home is just one component of a larger picture. For example, these individuals may be moving across the country due to climate. They might be in search of a new place closer to an airport for an easier commute. They may also be looking to move closer to children and grandchildren. These seniors typically transfer the equity from one home to the next and social engagement is the key decision-maker.
- Anticipatory/planning: Older adults in this category may be experiencing changes in their health status. As a result they simply find their current home no longer suited for their current situation. Moving, to them, means simplifying and making preparations for future care and support. Access to support, low maintenance housing and accessibility are the deciding factors for this group.
- Needs-based: Health status and caregiver support are the keys to this third category. When a person’s health deteriorates to the point where support is needed, they consequently may need to be relocated to a senior living community or into the home of a family member.