NEW YORK – April 3, 2013 – Single-family home sales in retirement communities jumped 21 percent last year and are poised for nearly 25 percent growth this year, projects the National Association of Home Builders (NAHB).
With 55-and-older households expected to climb to 46.6 percent of all U.S. households by 2020 – up from 42 percent in 2012 – developers see an opportunity. They continue to break ground and expand the number of units and new communities targeting the demographic.
Many older adult developments offer upscale amenities, from hydromassage rooms and private theaters, to professionally decorated interiors and top-notch chefs. They cater to retirees with active lifestyles by offering full-size gyms, personal trainers, and Zumba and belly-dancing classes, among other options. Some also consider pets as members of the family.
However, rents at upscale communities can run as high as $10,000 per month for a two-bedroom unit, which can be difficult for retirees to manage as they deal with healthcare and prescription costs. Still, many seniors prefer active-adult communities because they don’t require upfront payments to cover living and healthcare expenses for the rest of the resident’s life, a practice common in continuing-care retirement communities.
Active-adult communities provide traditional dwellings, often with first-floor master suites, and landscaping and maintenance covered by a monthly fee. However, residents must pay for advanced medical services on their own.
Some experts believe the success of the community depends on the clubhouse, with buyers drawn to its amenities, which can include everything from arts and crafts rooms to industrial kitchens that can cater parties.
Source: Wall Street Journal (03/29/13) P. M1; Wotapka, Dawn
© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688
With 55-and-older households expected to climb to 46.6 percent of all U.S. households by 2020 – up from 42 percent in 2012 – developers see an opportunity. They continue to break ground and expand the number of units and new communities targeting the demographic.
Many older adult developments offer upscale amenities, from hydromassage rooms and private theaters, to professionally decorated interiors and top-notch chefs. They cater to retirees with active lifestyles by offering full-size gyms, personal trainers, and Zumba and belly-dancing classes, among other options. Some also consider pets as members of the family.
However, rents at upscale communities can run as high as $10,000 per month for a two-bedroom unit, which can be difficult for retirees to manage as they deal with healthcare and prescription costs. Still, many seniors prefer active-adult communities because they don’t require upfront payments to cover living and healthcare expenses for the rest of the resident’s life, a practice common in continuing-care retirement communities.
Active-adult communities provide traditional dwellings, often with first-floor master suites, and landscaping and maintenance covered by a monthly fee. However, residents must pay for advanced medical services on their own.
Some experts believe the success of the community depends on the clubhouse, with buyers drawn to its amenities, which can include everything from arts and crafts rooms to industrial kitchens that can cater parties.
Source: Wall Street Journal (03/29/13) P. M1; Wotapka, Dawn
© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688
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