Now that a huge wave of baby boomers has left the workforce\u201430 million at the height of the pandemic, according to the Pew Research Center\u2014many are considering where and how to live.<\/p>\n\n\n\n
Key Takeaways:<\/strong><\/p>\n\n\n\n As they retire from the workforce, some baby boomers are looking to relocate to maintenance-free homes or condos. Or they want to be near their children or grandchildren in what has been termed \u201cbaby chasing.\u201d Others want to head to a warmer climate full- or part-time, often choosing active-aging communities where they can pare maintenance, enjoy activities, and meet new people.<\/p>\n\n\n\n However, most baby boomers want to age in place. This may require changes to their home to live more conveniently and safely as health challenges arise.<\/p>\n\n\n\n Woodlands at Furman in Greenville, S.C., by three<\/p>\n\n\n\n Many residential design options emerging today reflect trends seen in the luxury hospitality industry, like country clubs and spas, says architect Rocky Berg, whose Dallas-based boutique design firm, three<\/a>, works in the hospitality, residential, and senior living segments.<\/p>\n\n\n\n \u201cBoomers are all about having choices,\u201d Berg says. \u201cThey\u2019re accustomed to having what they want when they want it.\u201d<\/p>\n\n\n\n But having more options can make the decision tough. No single choice fits every boomer\u2019s interest, budget, and health situation, particularly since their ages range from 57 to 75 years old, says Chicago-based commercial interior designer Mary Cook of Mary Cook Associates<\/a>. She has found four factors influence their decision: finances, family circumstances, home, and community or neighborhood.<\/p>\n\n\n\n \u201cIf they\u2019re the primary caregivers or helping with grandchildren or single parents, they may be tethered to family and a location. Sometimes their decision, if budget permits, will mean a second location for the winter or summer,\u201d Cook says.<\/p>\n\n\n\n While the 65-or-older segment now represents an important 15% of the population, it\u2019s been described as being on the verge of becoming a \u201csilver tsunami,\u201d<\/a> with numbers growing beyond 20% by 2050. Here are some options your boomer clients may want to consider as they weigh their next move.<\/p>\n\n\n\n Woodlands at Furman in Greenville, S.C., by three<\/p>\n\n\n\n Eighty percent of homeowners aged 50 and above want to spend their upcoming years in their current home, according to a 2018 AARP survey.pdf<\/a> The good news is that there are increasing design options and experts to help.<\/p>\n\n\n\n Certified Aging-in-Place Specialists, <\/a>a designation from the National Association of Home Builders, can offer insight on which features to modify in existing quarters to make life more convenient and safe. This includes adding smart-home technology, task lighting, grab bars, raised toilet seats, a shower without a threshold, wider doorways, and barrier-free entry.<\/p>\n\n\n\n When a bicycle accident left her paralyzed from the waist down in 1998, Rosemarie Rossetti, Ph.D., became an expert in how to adapt a home for accessible living. She and her husband built a home in Columbus, Ohio, which became the Universal Design Living Laboratory<\/a>, with every universal design feature available.<\/p>\n\n\n\n Companies like The Plan Collection<\/a> design layouts that homeowners can buy online to build a home that makes staying put easier. The layouts include features such as an open plan without doors, one-level living, and flexible space to accommodate either working from home or the presence of guests, says Laurel Vernazza, the company\u2019s home design expert. The flexible space could also house a live-in aide.<\/p>\n\n\n\n Other technology tools can improve daily living for those less mobile or with impaired hearing or eyesight. Robot vacuums and smart lawnmowers are cited in senior expert Lisa Cini\u2019s book, BOOM: The Baby Boomers Guide to Leveraging Technology<\/a><\/em>.<\/p>\n\n\n\n BKV Group’s Anthology of Tuckahoe community<\/p>\n\n\n\n Despite active-aging communities generating buzz, those who gravitate toward them still represent a small percentage of the boomer population. \u201cIt seems bigger because the boomer group is large, but it\u2019s still a very small percentage,\u201d says architect David Banta, senior living and affordable housing sector leader at BKV Group,<\/a> who has focused on this niche for more than 20 years.<\/p>\n\n\n\n The average age at move-in is 75, Banta says, the extreme end of the boomer cohort. \u201cMost do so to gain low-maintenance, convenient living. They want out of their big house with some services provided and no restrictions on when they come and go, especially since some still work,\u201d he says.<\/p>\n\n\n\n The main difference between what\u2019s available now versus 10 to 20 years ago is the greater variety in building type and what\u2019s offered inside, such as resort-quality amenities, programmed activities, upgraded finishes, and technology.<\/p>\n\n\n\n Cellars at Pearl in San Antonio by three<\/p>\n\n\n\n Besides the traditional communities and stand-alone buildings, there are also co-housing communities<\/a> and rentals for those who no longer want to own and manage their home, says Berg, whose company helped develop Cellars at Pearl, a luxury property in San Antonio<\/a>, nestled next to a five-star hotel and food vendors.<\/p>\n\n\n\n The common denominator is that boomers want to enjoy experiences that reflect their special interests and help build social connections, Cook says. \u201cForget crafts and woodworking, however,\u201d she says. \u201cThis group has added 20 years to their life expectancy and are not at the end of their lives. They\u2019re in their 70s enjoying wine tastings, pickleball, and bocce ball,\u201d she says.<\/p>\n\n\n\n When it comes to cost, many boomers will spend the same or more to gain these features, including name-brand appliances for reliability, Cook says.<\/p>\n\n\n\n Besides designing new buildings, firms like Banta\u2019s also work with clients to reposition existing properties by freshening finishes, reworking common areas, and adding the latest amenities.<\/p>\n\n\n\n Generally developed for the cohort older than boomers, continuing care retirement communities are comprised of independent living, assisted living, memory care, and skilled nursing care wings. But these facilities are also undergoing changes to reflect the coming wave of boomers and their mindset.<\/p>\n\n\n\n \u201cThe previous generation has been fiscally more conservative and had the attitude, \u2018How little could you sell me,\u2019 while the boomers are all about choice,\u201d Berg says.<\/p>\n\n\n\n Currently, there are about 2,000 CCRCs in the U.S., but their numbers are not growing, in part because of the difficulty of finding good locations, says developer Richard Ackerman, senior managing principal of Beverly Hills, Calif.\u2013based Big Rock Partners<\/a>, a real estate development and investment firm focused on senior housing. While firms like his continue to develop new communities, they also update existing projects, so they appeal more to boomers\u2019 evolving tastes and desire for options. Many operators seek expansion to leverage the overhead of these investments across multiple communities, Berg says.<\/p>\n\n\n\n Another reason for the lack of growth is that the average age at move-in is rising, currently at 81, according to the Aging with Freedom site. Of the different CCRC options, independent living represents the biggest share at 55.6% of CCRC units<\/a>.<\/p>\n\n\n\n No matter the age at which residents move in, their shared goal is to be less dependent on family but live near them, retain autonomy, and have options to socialize, which, Berg says, helps residents live longer and better. \u201cAll move in as strangers and adapt. Most end up saying, \u2018I wish I had done this sooner,\u2019 \u201d he says.<\/p>\n\n\n\n CCRCs are evolving in ways similar to the active-aging sector, with a greater focus on technology, programming, fitness, and entertainment. There are even more eating options. \u201cThey might want to stop at a cafe or bistro to eat, pick up sandwiches to sit in front of a TV, or dine formally. They don\u2019t want to be told when to show up at one place for meals or one time for an activity,\u201d Berg says.<\/p>\n\n\n\n When they eat, there\u2019s increased concern about the nutrition of available food, along with additional interest in other wellness initiatives, says Ackerman. More attention is paid to the layout and design of communities to encourage socialization and help curtail loneliness.<\/p>\n\n\n\n New projects such as Big Rock\u2019s Seafields at Kiawah Island in South Carolina<\/a> are designed to attract a younger, 62-plus age group who are more fit and affluent, while still supporting inevitable aging needs.<\/p>\n\n\n\n Big Rock Partners’ Seafields at Kiawah Island in South Carolina<\/p>\n\n\n\n Seafields will have an in-house medical clinic operated by the Medical University of South Carolina when it opens in 2024. Its 90 units will target the younger residents who seek independent living while an additional 16 units are for assisted living and continuing care services. As part of the trend toward luxury, units will be larger and will have upgraded finishes, plenty of light, and outdoor space. Staff will include a lifestyle director and 24-hour concierge.<\/p>\n\n\n\n Another example of the movement toward luxury among CCRC communities is River Tower<\/a>, a 142-unit expansion that Berg\u2019s firm worked on at Harbor\u2019s Edge, a high-end senior living community in Norfolk, Va., where custom interior designs are available in residential units. While Harbor Edge\u2019s focus is independent living in a contemporary, sociable community, it, too, offers continuum-of-care services.<\/p>\n\n\n\n Forefront Living’s Presbyterian Village North community in Dallas<\/p>\n\n\n\n And Berg\u2019s firm is also working on multiple projects with Dallas-based nonprofit Forefront Living<\/a>, a developer and operator of senior communities. The work includes repositioning and expanding Forefront\u2019s Presbyterian Village North, which offers a continuum of care, says Barbara Matamoros, corporate director of sales and marketing. \u201cPresbyterian Village has a 41-year history of providing senior living, and through the years how we choose to live has changed,\u201d Matamoros says. Among changes are larger living spaces with room for flexible, multiple uses, she says. In addition, services such as assisted living can be provided in a residential environment to keep residents from moving to a nursing home setting.<\/p>\n\n\n\n Toll Brothers – Azure at Hacienda Lakes<\/p>\n\n\n\n While all these changes are occurring in senior living residences, developers are learning that not everyone wants to be segregated by age. The former Chicago Tribune newspaper tower was converted into condos and renamed Tribune Tower Residences.<\/a> It has a prime location on Michigan Avenue and stellar views that appeal to residents of a mix of ages, says Cook.<\/p>\n\n\n\n The Azure at Hacienda Lakes<\/a> community in Naples, Fla., developed by Toll Brothers, is a master-planned community\u2014also not age restricted\u2014but targeted at the empty nester and downsizing active boomer.<\/p>\n\n\n\n\n
\n\n\n\nAging in Place Vs. Moving to Meet Changing Needs<\/h2>\n\n\n\n
Choosing an Active-Aging Community or Building<\/h2>\n\n\n\n
When to Consider a Continuing Care Retirement Community<\/h2>\n\n\n\n
Not Segregating by Age<\/h2>\n\n\n\n