Baby Boomers Need Alternative Forms of Housing (Everyone else) – Retirement Research Center
We have encountered a housing crisis in the United States, which has a lot to do with the quantity and the type of housing. Builders build luxury McMansions because they are more profitable than middle-income housing. Seniors cannot move out of single-family homes because there are few other options nearby. Both factors limit supply, thereby increasing housing costs for young families.
I recently discussed with Catherine Buell, a former director of Amazon Housing Stock Fund, about alternative types of housing that can also improve the lives of baby boomers and young people. She begins by discussing the contrasting housing market faced by potential home buyers of different ages.
“Many baby boomers have their own homes completely and frankly, for better or worse, they are able to take advantage of a mortgage rate of 2-3%. So homes in the world are rich and cheap. This is not possible for those who are entering the system today.”
Part of the problem Buell explained is that there is no next step for the baby boomer homeowners. “If you’re a trendy generation, you own a 3,000 to 4,000 square feet home, you want to move to a 1,500 or 2,000 square feet home in a walkable neighborhood, you’re competing with many young families who see these homes as entry-level homes and there’s no availability of these homes in the market.”
Some alternatives
Potential solutions include building housing that can accommodate older bodies and no wider corridors and no stairs in a walkable community, Buell said. Fortunately, as the “healthy” communities grow, some places have begun to adopt this approach.
Boer takes Atlanta’s Serumbet as an example. “It’s a golf cart community that really emphasizes the design of health and biological creatures as well as social interaction. There’s something in it in the air that makes you feel better.” These communities are suitable for all ages, but as they get older, residents have a good effect on residents.
Part of their design helps fight loneliness. “One of the first buildings they built in Serenbe was a coffee shop, and people naturally gathered compared to your community meeting room compared to your community meeting room. We’re starting to see the popularity of social clubs, so don’t think that a senior center, thinking that social clubs can hang out, hang out and talk to neighbors.” (A caveat about the Serenbe example is that it’s not a solution to the affordability problem, as their housing options don’t seem to be cheap.)
Creative solutions require changes to zoning laws, some of which limit how many unrelated family members can live in the same housing unit, which allows many older people to live in and support each other’s golden girl solution. “But, honestly, I think many of the legislators and characters who have these conversations are really thinking about the demographic shift and what it means to their jurisdiction. People naturally want to protect their property values instead of seeing a massive reconstructive shape, but starting to have a very different character. But starting to create more opportunities better outside the box can provide you with more opportunities, more opportunities, and more opportunities for you.
Apart from the healthy community, Buell has seen other creative solutions that enable aging baby boomers to share homes that are too big for them. One is PADSPLIT, which is actually Airbnb for roommates, who will “seek affordable places to live with people with private room rentals”.
Housing and Healthcare
Buell notes that if we don’t create proper housing for older people, it will exacerbate the upcoming elderly care crisis. If aging baby boomers don’t have the support they need, they will rely more on the health care sector. “Our public health resources have expanded. With the aging market and health care costs increasing, there is a double blow. Our health care system cannot afford to everyone’s age.”
Call for action
“I want to see more options on the table now so we have a variety of different options,” Boole concluded. “It’s a personal issue for me. Many of my sisters and aunts are starting to retire and they don’t have many for them. I’m worried about their quality of life in “three months.” They have done such a great, fun job throughout their lives.
For more information about Harry Margolis, check out his risk in Senior Blog and Podcast in the United States. He also answers consumer real estate planning questions at Askharry.info. To stay up to date on the Squared Blog, join our free email list. You will only receive one email per week.
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