As we continue to look at the top trends impacting senior housing right now, it’s important to point out that it seems many senior housing communities are catering to younger residents. A couple of months ago we discussed how aging in luxury is the next big trend, and that goes along with today’s topic. A new study indicates that newly constructed luxury senior living communities are becoming highly sought after, especially by younger seniors. The reason for this? Many industry experts believe seniors are starting to downsize much sooner than in the past. This is why senior living providers and construction companies that are focusing on building higher-end properties on a bigger scale are doing well.
As people begin to enter retirement age and move into this next chapter in their lives, it is becoming increasingly clear that they are looking for a place to land that has all the amenities of home (and then some), with the comfort and support of an assisted living community. From access to a golf course, spa, and technology, to larger living spaces that cater to aging, there are many directions senior living providers can go in. However, it is important to pay attention to what today’s seniors want, not what worked in the past. When people make the move a skilled nursing facility (SNF) or senior living community, they aren’t necessarily looking to completely change their lifestyle. Seniors of today are looking for a community that will provide them with the comforts of home and allow them to maintain their lifestyle.
Luxury Senior Living At Its Finest
Certain parts of the country – like California and New York – may be more adept to these models of senior living than others. This is due to numerous factors, but for one these residents are more accustomed to paying a higher price for living. Many of the luxury senior homes and communities that are seeing popping up all over the country right now come with a hefty price tag: $500,000 and up. For some seniors, this number is extravagant, but for many others, it is well worth the price to live in luxury and comfort. This is why market research is so important. Making sure their is a market for a higher-end senior living community is imperative if you want to succeed.
For more on senior living trends, please contact Shep Roylance of The JCH Group.