“Autonomy” is one of the seven A’s of SuperAging. Where will you live? Can you be independent? Can you be safe? Can your choice of dwelling play into all the other positive aspects of SuperAging?
There are many solutions, and we’ve consistently reported on them. “Fun-sizing” instead of downsizing. Accessory Dwelling Units. NORCs. High-tech enhanced seniors’ residences. This is clearly a growing and dynamic topic that you need to keep on top of.
Now here’s another interesting trend within this topic: the growing popularity of age-restricted (usually 55+) communities.
Although this article, from the Washington Post, focuses on Maryland, it makes some interesting observations about why this trend is strong and where it is going.
The first important note is that “older” buyers represent the biggest share of repeat home buyers: “The median age of all repeat home buyers is 58, according to the National Association of Realtors.”
The article quotes Jessica Lautz, deputy chief economist for the association: “Last year, baby boomers were the biggest share of buyers. What that means is they’re buying later in life than traditionally. Previously, we didn’t see the retired saying, ‘I want to move.’ Baby boomers have reinvented everything. I suspect they’re reinventing what it means to be a retiree. It doesn’t have to look like their parents’ generation.”
SuperAging in a nutshell!
Now here’s where the “age-restricted” part comes in: “In its 2024 Home Buyers and Sellers Generational Report, the Realtors association found that 19 percent of all buyers over 60 moved to communities specifically designed for older adults. Nearly 60 percent bought single-family houses, while 12 percent bought townhouses and 5 percent purchased condos.”
So 1 in 5 are buying into age-restricted communities. What’s an example? And what’s the appeal?
First an example: “In Clarksburg, Md,, for example, three builders are constructing what will eventually be a 375-home community called the Village at Cabin Branch, with condos and townhouses. Beazer Homes is putting the finishing touches on a 140-unit condo building there as part of its Gatherings brand of communities for those 55 and over. Its Gatherings at Potomac Station in Leesburg, Va., opened last year. The four-story Gatherings buildings have elevators and fitness rooms, along with book, craft and other clubs based on residents’ interests. Condos start in the mid- to upper-$400,000 range.”
The article cites Beazer Homes area president Troy Radelat, who says Washington is one of six metro areas across the USA where they are building Gatherings communities: “We are focused on location, very close to where our potential buyers are living. People want to keep their same doctors, dentists, social networks. Gatherings give you the ability to come somewhere where there’s a much lower portion of your time spent maintaining your home. Rather, you can spend time around folks of similar age and interests.”
This plays into both the Autonomy pillar of SuperAging, but also Attachment — the importance of maintaining social connections and building new ones.
How big is the trend? “The number of homes being built in age-restricted communities has skyrocketed since 2009, reflecting trends in all types of housing starts,” said Paul Emrath, vice president for survey and housing policy research for the National Association of Home Builders. He crunched the numbers from the Census Bureau, which started tracking new homes in age-restricted communities that year. In the most recent data, available for 2022, 59,000 homes were built in age-restricted communities for those either age 55 and older or 62 and older, about 6 percent of all new homes.”
This isn’t the only “solution,” of course. In fact, what’s exciting about the Autonomy pillar, and the specific housing formats designed to meet it, is the variety of approaches, and the degree to which you can find something that meets your exact needs. We expect to see even more experimentation and innovation, and we’ll certainly keep covering all the important new developments.