Five insights into the growing 55+ active lifestyle population
According to curbed.com, the rising senior population is called a “silver tsunami” as the population growth of seniors is on the rise. This demographic is more active than ever and communities are not only adding amenities to lure them in, but also creating stand alone neighborhoods for the 55+ active senior who desires a more posh lifestyle in their golden years. Take a look at what this growing demographic is looking for in their new home, and the recent statistics that are driving home sales for this new silver tsunami.
The rising senior population is called a “silver tsunami” as the population growth of seniors is on the rise. This demographic is more active than ever and communities are not only adding amenities to lure them in, but also creating stand alone neighborhoods for the 55+ active senior who desires a more posh lifestyle in their golden years.
Last year, the Los Angeles Times highlighted the $100 million-plus Rancho Mission Viejo located in South Orange County. A retiree they spoke with wanted a neighborhood with “…more people her own age to ‘play with,’ but didn't want to live in a ‘grave-yardish’ retirement community.” Crummack Huseby is often tasked with creating community events that are age specific for young families, and the request for 55+ events is growing.
As families desire to live closer to each other, developers are looking to create communities that are desirable to all family situations. This idea is growing as it becomes harder to find duplex properties, and avoids the red tape of building your own dual home from scratch. Crummack Huseby’s community managers are also seeing this trend within HOA board meetings, with more involvement from homeowners of all ages. In their 2016 detailed report, The Joint Center for Housing Studies of Harvard found, “Preferences to be near family and friends are clearer: the Demand Institute finds that likely movers place priority on proximity to family and friends, and most expect they will not move far from their current neighborhood.”
In the same LA Times article, Foremost Companies built Temescal Valley’s Terramor with street signs having larger than normal lettering and a senior clubhouse will have no steps, but instead graceful ramps leading people from clubhouse to pool. Homeowners want easier to read signage, rules clearly displayed for homeowners and guests, and the desire for more buildings with elevators. There is only so much we can do as community managers, but Crummack Huseby strives to help neighborhoods elevate the property and build a stronger community through all types of onsite communication.
According to Forbes, “If you’re retiring soon, you may be wondering how to navigate this frenzied market. There’s no single strategy that works for everybody—these days, retirement can mean very different things for different people. But no matter where you fall on the spectrum, one thing’s for certain: Buying what will likely be your last home is nothing like buying your first.” California is a hot market for housing, but it may get tougher to find the right home as baby boomers will account for a population growth of 90% over the next two decades, per The Joint Center for Housing Studies of Harvard. Crummack Huseby has seen a growth in the desire for the perfect place, and that doesn’t mean the granite countertops. More people are willing to pay for their last and ultimate residence, looking for concierge level lifestyle, park-like settings, and close to upscale shopping like the Travata Club in Orange County.
Per the LA Times, “Irvine’s CalAtlantic said it's building 55-and-older homes in 10 states this year, including multi-generational communities in San Diego and Santa Clarita, as well as at Rancho Mission Viejo, Terramor and the new Irvine Co. project.”
As your community considers adding events or amenities to its existing property, there are so many variable to consider. Cost, efficiency, timing, building codes, etc. Crummack Huseby is here to discuss all your options to present to your HOA board and help your community grow while adding value to your property. If you’re not a CH client, your own HOA management team should assist your HOA in navigating all its options as well. << CLICK HERE TO START THE CONVERSATION >>
Crummack Huseby is an award winning property management company, who understands what it takes to create community within the community association’s they partner with. Our successful business partnerships with homebuilders, developers and homeowner’s associations have brought value to clients throughout Southern California. Our talented and award-winning managers work closely with our clients to determine the specific needs they have - to elevate, inspire and achieve their goals for their communities.