Retirement communities have increased over the last twenty years in response to the fact that the fastest-growing age group in the U.S. is 65 and older.
What are the rising trends of this population age group?
1. Many seniors feel that the rules, restrictions, and schedules of retirement communities do not reflect their needs and interests.
2. Seniors today are actually putting off the move to retirement centers as long as possible.
3. Some choose to age at home and others find difficulty in selling their homes.
4. For those who do relocate, they move towards urban locations for many practical reasons including work, transportation, health care, and family.
5. This entire phenonemon is evidenced by suburban areas experiencing more Naturally Occuring Retirement Communities (NORCs).
In conclusion, aging seniors are expected to have a major impact on the U.S. housing market for the years to come, and it will be interesting to see how the housing market responds.