Baby boomers are reimagining retirement beyond the traditional script of growing older in a family home in the suburbs. Today, older adults are flocking to luxury senior living communities, especially those in or near large cities.
But what exactly is behind this growing interest in “aging in luxury”?
Let’s take a closer look at why so many have chosen to downsize their homes and upgrade their lives by moving to a luxury senior living community in the Houston area – and why you may want to do the same!
Reason 1: Baby Boomers are Living Longer
To start, baby boomers are enjoying longer, healthier lives than previous generations. For example, the life expectancy in the U.S. is about 76 years today, giving older adults more time to take advantage of their retirement years.
This growing life expectancy fuels the need for active lifestyle housing options for older adults. Seniors who are keen on staying active are abandoning traditional housing in sleepy suburbs for options in city centers that give them access to exciting events, programs and amenities.
Reason 2: The Time is Right for Selling Your Home
Next, older adults are finding that they get more bang for their buck by downsizing in the current market through avoiding property taxes. The majority of older adults rely on selling their family homes in order to fund senior living. In turn, they can give up paying property taxes in Texas, which are the 6th highest property taxes nationwide at the moment.
Given the high-priced market, buying a smaller home would be a more expensive decision than choosing community living. That’s why so many older adults are taking advantage of the entrance fee refund options of senior living communities, which lets them take a step back from rising housing prices in the Houston area.
Reason 3: Selling Your Home Frees Up Capital
There’s a lot of talk about the current economic recession and how it may worsen before it gets better. Many older adults who are preparing for the future may see luxury senior living as a more recession-proof decision.
Overall, senior living communities tend to stay “outside” of typical economic cycles, earning them a historically stable reputation. This can give older adults peace of mind when choosing luxury communities over traditional housing options.
Further, the economic downturn may be driving older adults to sell their homes and secure their capital for more recession-proof investments. For example, seniors may use home equity as a gift to family or use the funds as a refundable entrance fee in a retirement community which can then be used for future health needs or as part of your estate.
Reason 4: Lifestyle is the #1 Priority for Older Adults
Baby boomers are also demanding new ways of aging that better fit with their lifestyle. For example, many retirees are won over by the vision of aging in a luxury senior living community where they can:
· Get rid of cars and use community or city transit
· Shed pricey home maintenance
· Enjoy the security of a gated community
· Be closer to cultural and dining hotspots
· Take advantage of the ability to easily travel
· Feel at ease with on-site healthcare
In addition, it’s common for older adults to avoid “outliving” their resources. In other words, they’d rather spend their hard-earned money while they’re alive instead of piling up assets for their inheritance plans.
Reason 5: Luxury Communities Alleviate Older Adults’ Pain Points
Luxury senior living communities today also assuage older adults’ biggest fear: loneliness. For those who value daily social connection, aging in a family home alone just doesn’t make sense.
In an interview with the Wall Street Journal, Mr. Bob Garst said that his family home “was a beautiful house, but when I shut the door, I was all alone. Now, I meet people on the elevators, I meet people in the lobby and I meet people at the pool and at the bar. I love it.”
Many older adults today value social connection, security, and convenience more and more as they age. Luxury communities support these values by offering everything that baby boomers need – and want – right outside of their front door.
Reason 6: Luxury Communities Offer More Exclusive Value
With the high demand for senior care today, senior communities are standing out by offering something more: “aging in luxury.”
Luxury senior living communities are more like exclusive clubs where you can enjoy retirement with your favorite social circles and programming. These communities offer a prime location, sophisticated spaces, high-end amenities, technology-enabled services, individualized health plans, and more.
In fact, the sheer wealth of amenities in these communities can attract potential members to join and reimagine their retirement under their own terms.
Ready to Join a Luxury Senior Living Community?
It’s never too soon to start thinking about moving to a luxury senior living community. At The Buckingham, you can grow your zest for life while connecting with like-minded peers, enjoying new experiences and getting access to high-end amenities.
Find out more about The Buckingham’s independent living community by calling (713) 660-6552.