As recently as a decade or so ago, the mere mention of senior living was enough to send chills down the spines of sophisticated seniors. However, a recent trend sweeping the housing market for older adults is changing the way people view housing for the 65 and over set: luxe senior housing. We take a closer look at this phenomenon, along with what you need to know if you're wondering whether a move into one of these upscale senior housing communities is right for you.
About Luxe Senior Housing
What does it mean when we're talking about high-end? Simply put: an abundance of upscale amenities which were previously mutually exclusive to the concept of senior housing.
Contrary to the bland, beige box living environments many people envision when they think of adult communities, this increasingly popular trend puts the “golden” in “golden years” thanks to everything from well-appointed dining rooms and fine dining menus to immaculately groomed golf courses and stretch limousine for trips to the supermarket. Additionally, they're more spacious than conventional senior living houses and apartments with upscale touches, such as granite kitchens, high ceilings, swimming pools, fitness centers and even movie theaters.
While these details may sound excessive, many seniors are more than happy to sign up and pay up. Why? Because doing so involves no sacrifice of quality of life.
An Alternative to Aging in Place
In an era during which many seniors are opting to “age in place,” the luxe senior housing movement offers an enticing alternative to stigmas about conventional senior housing for active seniors in search of stimulation. In fact, these upscale communities offer all of the benefits of senior living — including everything from organized activities to free maintenance responsibilities — with no sacrifice of lifestyle.
As Classic Residence by Hyatt president Randal J. Richardson told Forbes, “There is an unmet demand for high-quality senior living in this country, and that's the niche we're trying to fill. It's only been in the last decade or two that people have started recognizing that and have been moving to meet it.”
Not surprisingly, these options cost more. At one North Texas luxury senior community, apartments start at a whopping $3,200 a month for 800 square feet. However, included in this steep price are perks- everything from a meal allowance to weekly housekeeping. The benefit? Seniors can move in without giving up on their vision of the way retirement should be. In fact for many seniors, upscale adult housing options offer an unexpected late-in-life upgrade: part country club, part senior living facility.
As the Baby Boomer generation continues its juggernaut into retirement (more than 21 percent of people in the U.S. will be older than 65 by the year 2040 — up from 14 percent in 2013) the need for more senior housing accommodations will continue to grow stronger. With the recent demand for luxe senior housing showing us that it's not entirely about needs, but also about wants, senior housing communities who want to attract seniors — and their purchasing power — will offer a full spectrum of options.