Many seniors choose to move to be closer to family and friends.
Housing design and amenities are important factors for any home buyer including those 55 or older. However, a new study indicates that financial concerns have become more prominent than prior to the recession.
The study, entitled Housing Trends Update for the 55+ Market, was conducted jointly by the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute (MMI).
Using data from the recently released Census Bureau’s 2009 American Housing Survey, the report found that only 55 percent of new home buyers 55+ reported that their down payment came from a previous home sale. That figure is significantly down from more than 90 percent in 2005 and 2007. In 2009 seniors used cash or savings for up to 45 percent of their down payment.
However, despite the recession and a desire for less expensive housing, the study noted that the overwhelming motivation for mature movers is the wish to be near family and friends.
Another significant factor starting to affect housing trends is the aging of the Baby Boomers. According to David Crowe, NAHB’s chief economist, “By the year 2020 almost 45 percent of all U.S. households will include someone at least 55 years old. The number of those households seeking housing better suited to their changing needs will therefore rise dramatically.” Crowe noted that housing starts in 55+ communities are projected to rise from about 54,000 units in 2011 to roughly 79,000 units in 2012.
Developers and designers will surely take note of recent statistics underscoring the trend toward delayed retirement.
- “Proximity to work” as an important factor for those relocating to age-qualified, active adult communities is up from 2 percent in 2001 to 12 percent in the 2009 report.
- The share of 55+ single-family homeowners who say they work at home is also increasing.
Perhaps the most positive finding according to Dr. Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute is that, “Most 55+ consumers – those who chose to move and those who stay in their homes – report that they are happy with their homes and communities.” Additionally, “those who did move to an age-qualified community – about 3 percent – reported the greatest satisfaction, rating their homes and communities at nine on a one-to-ten scale.”
At Home Instead, we understand the importance of helping a loved one find the right housing option. Whether it’s your parents, a grandparent, aunt, uncle or a cherished friend you’re looking out for, we have the expertise to help you discuss these important matters and the experience to help you make the right decision – wherever home may be.
For more information on how Home Instead Senior Care of Richmond can provide care and companionship to help aging loved ones in the Richmond and Northern Neck areas remain living independently in their homes, please give us a call at our Richmond (804.527.1100) or Tappahannock (804.443.4883) home care offices any time, or view our digital brochure.
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Our senior citizens really loves to lived near their loved ones in order to lessen stress and loneliness. It’s the only consolation they have when they reached senior years because they knew they have someone near them who can be there in times of trouble. Let us all respect our older generations…
I would have to agree, having them lived close by has its benefits too for you and for them. They are the persons whom we contact right away if no one is able to babysit your kids due to an emergency out of town something something.