Robert Krueger, in a press release for the Urban Land Institute discussing the findings of the ULI report Housing in America – The Baby Boomers Turn 65:
The study cites surveys showing that the majority of older Americans want to age in their current homes, even when they need assistance. Others are remaining in their homes – at least for the time being — because of the difficulty selling in the current housing market. However, many who are able to move are choosing urban locations – both cities and suburban “town centers” – where they can be close to grown children, friends, work, public transportation, and health care. “Leading-edge boomers will not settle gracefully into quiet retirement and move into traditional seniors housing communities for years, if they ever do,” McIlwain says.
Interestingly the report also notes that institutional senior living facilities don’t seem to be the answer:
The nation’s approximately 50,000 housing communities for seniors – including those providing independent, assisted living, and/or full nursing care – would seem to be a growing market, but in reality, are on the decline, notes the report. Since the beginning of the Great Recession, these communities have faced difficulties finding new residents to replace those leaving. This is due in part to the high cost of retirement housing and the fact that many members of the Silent and Greatest Generations have insufficient retirement savings. However, other issues are at play, according to ULI’s McIlwain. “No matter how attractive and supportive an institution is, it is still an institution,” he said. These communities’ institutional nature, suburban locations, and existing “old-old” populations make it difficult for them to attract new residents, particularly younger ones. The ULI report suggests “greening” of existing communities to appeal to younger residents as well as investors, while reducing operational costs.
As I’ve advocated here previously, the best place for our aging citizens is integrated into the communities they love, communities they helped build, communities their families and friends live in. The best way to do that is have walkable communities so that lack of transportation doesn’t impede life. There is so much vitality that can be gained by having our seniors integrated into our communities.