Luxury senior living communities rising in popularity
5/2/2013 | Real Estate Blog
As the economy continues to recover, high-end facilities catering to senior citizens are once again becoming popular. While sales of residences in these communities have not returned to the heights they reached in 2005, a rise in seniors moving into these luxury communities has been noted.
In fact, in 2012, there was a 21 percent increase in the number of people over the age 55 who purchased homes in senior living communities. According to the National Association of Home Builders, a similar rise will likely be seen in 2013 – it has estimated sales will increase by 25 percent this year.
Many of these communities offer amenities well beyond those typically expected in senior citizen residential areas. For instance, most of these communities have lavish community centers, which typically include fitness centers and areas for entertainment. In addition, the food choices available for the residents in these communities are often significantly improved from the standard senior living communities. Some senior residential areas have gourmet options, including sushi bars, that can also follow restricted diets often necessary within the community.
It should come as no surprise that these luxury communities are taking off, as the number of people in the United States over the age of 55 is on the rise. As the baby boomer generation ages, the National Association of Home Builders has estimated that over 46 percent of U.S. households will include individuals over the age of 55 by the year 2020. In 2012, just 42 percent of American households included people over 55 years of age.
Source: The Wall Street Journal, “A New Senior Moment,” Dawn Wotapka, March 28, 2013.