No, it’s not a weather condition influenced by El Niño. The Silver Tsunami is a metaphor for the aging population of the United States. For years, economists, sociologists, and health professionals have been talking about the increase in the senior population, due to aging Baby Boomers. Real estate developers and investors are also paying attention to this demographic and their expectations.
The impact Baby Boomers have had on our nation’s economy for decades won’t change as they become seniors. This demographic expects more and different housing options than previous generations did. The use of nursing homes has been dropping for the last 20 years. Contemporary seniors are opting for urban lifestyles with access to all types of entertainment and activities.
The number of Americans over 80 will grow from 6 million to 12 million in the next 20 years. According to a recent Harvard University Housing Study, by 2035, one-third of homes will be owned by someone over age 65.
Real estate developers anticipate an increase in senior-only housing. Boomer seniors are more active and health conscious. They’re living on their own longer before seeking assisted living arrangements or other care options. Real estate developers and investors need to be aware of and plan for these trends. Another health consideration facing seniors is the prediction that dementia will be a primary concern for seniors. Housing will have to take this into consideration and offer support services.
Seniors in this generation are living longer than ever before and a large percentage of them are concerned about running out of money. Their financial struggles may be related to shortfalls in Social Security and Medicare as well as the challenges another recession would bring.
Like their younger counterparts, seniors are also used to having access to technology such as WiFi, cable, satellite, and internet services. Today’s seniors view their retirements as very different than past generations and real estate developers, investors, designers, and planners need to look at housing development from new perspectives.
GSX Ventures has been leading change in the development of senior housing. Since 1988 we have developed numerous projects across the country, partnering with local or regional management companies to ensure the project is leased and managed to provide positive service for residents. Contact us today for an appointment.