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Boomers Booming
December 8th, 2015 10:13 AM
Barbara's Blog:

A recent analysis of housing trends states that we are due for dramatic growth in senior households over the next few decades.  From 20 million in the 1990's to 25 million by 2010, it is projected that aging Baby Boomers will expand the number of senior households to 46 million by 2030.  This dramatic growth will occur among both senior homeowners and renters.  This sharp rise in senior citizens increases the urgency of developing policies that allow seniors to stay in their homes as they age, as most want to do.

Seniors' incomes drop after they retire, but their housing costs often don't.  This increased  burden forces seniors to draw on savings and forego other expenditures.  While homeowners may be able to cover these costs by liquidating home equity, the burden may be tougher to bear for renters, especially since the increase in rental demand is causing rents to increase.

Adaptations in homes to reduce the numbers of debilitating fall injuries, increase indoor air quality and make homes more comfortable and energy efficient promise to improve seniors' quality of life, maintain the value of their homes, and potentially save taxpayers' contribution to Medicare and Medicaid.  Making these changes in older homes also will increase their resale value for an aging society.  "Aging in Place" is becoming a common and desirable alternative to assisted living facilities or condos.  

Community support is necessary for seniors to have a high quality of life.  This is one reason the Senior (age-restricted) communities are becoming more popular with the Baby Boomers.  Senior homeowners need community supports to live a fulfilled life in their own homes without feeling lonely or trapped when family or friends are far away.  The friendships and bonds with other aging seniors in such a community along with the numerous social activities available are what attracts most Boomers to the "active adult lifestyle."  

Needless to say, the aging of the baby boomers means that senior housing issues are becoming much more pressing.  The sheer number of baby boomers will force policymakers, residential builders, and communities to confront these challenges in the very near future.

written by Barbara Doeringer

Posted in:Real Estate
Posted by Allen Doeringer on December 8th, 2015 10:13 AMPost a Comment

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