Baby Boomers On The Move
In 1996, a Del Webb study on Baby Boomers indicated that nine out of ten Americans planned to age in place at home. However, a more recent Del Webb study (2010) predicts a new trend. One third of seniors now expect to move in retirement and that figure may be conservative. Climate tops their criteria (AARP).
Over the next ten years the aging population in eight states is expected to double: Nevada, Arizona, Colorado, Georgia, Washington, Alaska, Utah, and California. More recent reports put the Carolinas pulling ahead of typical Sunbelt havens.
Some retirees will move only once. But many others will be facing two or three senior lifestyle changes as they live longer and their health plus other life changes revise future needs. Others, who have moved to the Sunbelt states earlier in their retirements, may return to their home states in advanced age to be closer to family (called boomarang parents).
And with more than 77 million Baby Boomers planning to retire over the next two decades, that’s a lot of downsizing, packing and moving—often at a stage in life where additional life stress isn’t welcome. Which is why one low-cost franchise that assists seniors in transitioning to new communities—Caring Transitions, the nation’s largest resource specializing in managing senior relocations, downsizing and estate liquidations—was named the top home-based franchise in America by Entrepeneur Magazine in 2013.
Competition in the senior housing industry is steep, especially in Arizona, where the population continues to explode. “Aging 2020: Arizona’s Plan for an Aging Population,” published in 2005 by former Governor Janet Napolitano, predicts that by 2020 one in four Arizona residents will over age 60.
But by 2030, the United States Bureau of the Census (2005) the 65+ age group in Arizona is expected to quadruple, with seniors over age 85 the fastest-growing demographic—a trend that is expected to outpace residents 17 and under.
By 2050, the population of Baby Boomers 65 and older in the U.S. is expected to top 86.7 million. (CNN Library)
A full third of them on the move could spell a future senior housing explosion.
Baby Boomers Outpacing Other Markets
Today, Baby Boomers are a major driver of real estate outpacing other markets, according to PwC and the Urban Land Institute’s Emerging Trends in Real Estate Report 2014. Baby Boomers’ expensive tastes and demands for comfort in retirement communities are revolutionizing the marketplace and stimulating the economy more than traditional sectors.
With the aging population living well into their eighties, nineties and beyond, aging in place will become more of a challenge. To meet the demand, developers will be building a variety of communities—from active adult 55+, independent and assisted living, to skilled care and memory care, and those with a continuum of care that combine all facets of care.
Developers of today’s independent living and assisted living facilities are poised to meet the need with housing that include the amenities and specialized care befitting of Baby Boomers’ high expectations.
Those expectations often include a restaurant-style dining room with a chef, bistro or café, a library, fitness center, swimming pool and spa, a beauty/barber salon and a theater to fit to fit their lifestyle as they age. Technology—for Twitter, Facebook, Skype and remote TV’s for monitoring family members—is also a big trend, according to Randy Bufford, president and CEO of Trilogy Health Services, LLC, headquartered in Louisville, Ky.
“There’s been a push in the market toward assisted living and a real shift housing market that is more lifestyle-oriented than hospital-oriented,” Bufford said in a phone interview. “It is a market driven by competition, which will only create a better product.”
For seniors with Alzheimer’s or other disabling diseases who will rely on a full continuum of care at assisted-living and memory-care communities, like Pathways Assisted Living & Memory Care Facility in Goodyear, AZ, with choices on the horizon.
Those choices are a huge relief for those of us with unpleasant memories of the severely limited options available for our elderly or disabled parents just a generation ago.
Some Startling Statistics About the Future of Alzheimer’s Disease in Arizona: (alz.org/facts)
- Every 67 seconds someone in the U.S. is diagnosed with Alzheimer’s
- Alzheimer’s is the 6th leading cause of death in U.S., 5th in Arizona
- Approximately 500,000 die of the disease annually
- One in three seniors dies of Alzheimer’s or another dementia
- In 2013, 15.5 million caregivers provided an estimated 17.7 billion hours of unpaid care valued at more than $220 million
- Alzheimer’s is the most expensive health condition in the nation
- In 2014, the direct costs to American society is estimated at $214 billion, including $150 billion in costs to Medicaid and Medicare
- By 2050, Alzheimer’s will cost an estimated $1.2 trillion
- Nearly one in every five seniors enrolled in Medicare has Alzheimer’s disease
- Since 2000, there has been a 123 percent increase in Arizona deaths due to Alzheimer’s
By Pat Whitney
The Krone Team
Keith & Cheryl Krone
623-337-8277 | email@example.com
Creating Seamless Transition Solutions
Keith and Cheryl Krone, licensed real estate agents for more than 33 years and licensed brokers for three decades, take a personal interest in helping mature home buyers and sellers find the Arizona senior lifestyle tailored closest to their needs. Whether making a local or long distance move, the Krones are transition specialists at guiding their clients to Arizona’s 55+ active adult communities, multi-generational and maintenance-free properties, and residences with specialized care in the Phoenix area. Keith and Cheryl are among a select few Arizona real estate experts to achieve the prestigious designation of Certified Senior Housing Professional by The Seniors Real Estate Institute after a successful completion of the Institute’s rigorous curriculum and testing program.