Real Estate Trends in Senior Living

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Years ago, the majority of retirees downsized, sold their lifetime home, and headed for a retirement community. Today, the retirement real estate market is as diverse as the retiring population.

A report from the National Association of Home Builders says that 52 percent of Baby Boomers between the ages of 45 and 54, and 57 percent of those ages 55 to 65 expect to purchase retirement property within the next five years where they can enjoy an active social lifestyle.

Similar surveys report that around 45 percent of retirees plan to move to another state. Florida, Arizona, North Carolina, California, Texas, and Nevada are top Senior Living destinations. Many retirees also express a desire to live abroad for at least part of the year. Meanwhile, other nationalities are flocking to the United States for retirement.

Real estate trends indicate that Baby Boomers, empty-nesters, and other retirees are seeking Senior Living options that provide amenities such as low maintenance, proximity to top-rated medical care, security features, and access to fitness and fun programs. Single one-story homes in active, age-restricted communities and condominiums top the desirability wish list for Senior Living.

Reports and surveys abound citing “the best places to retire.” However, someone else’s dream retirement destination may not be yours. If you are looking for a warm climate away from harsh winters, head south. On the other hand, many retirees who move south find summer heat and humidity unpleasant and head back north. Some retirees opt for homes in diverse climates, spending winters in the south and heading for the mountains to escape summer heat.

According to the Urban Land Institute and American Demographics a growing number of retirees head for the big city lights after years of raising their families in small towns or suburbs. Mid-town condominium Senior Living offers the benefits of easy access to performing arts, restaurants, museums, medical care, educational opportunities, and the energy and excitement of a big city. Other retirees who spent their life downtown, head for the suburbs or country-living.

No one retirement destination fits all Senior Living needs.

Learn More About Senior Living and Real Estate
To learn more about other Senior Living and Real Estate, please review the other articles in this section.

To find a GMAC Real Estate agent with certifications as a Senior Residential Marketing Master or as a Seniors Real Estate Specialist, please click here.