Get Ready for the Senior Housing Boom

July 15, 2013

SeniorsAs the baby-boomer population nears the age of 65, senior housing is expected to surge during 2013 to 2023. A report of the Joint Center for Housing Studies at Harvard University estimates that 9.8 million of these households will be added to the housing market. This will make for a significant shift in demand in both the national and Chicago real estate market.

In Chicago, 30 senior living communities sit within an eight mile radius, according to A Place for Mom, the nation’s largest senior living service. Already planned developments include the LGBT-friendly senior housing facility in Lakeview set to open next summer and Senior Lifestyle Corporation’s 11,000-unit portfolio in the making across Chicagoland and beyond.

There are several things to keep in mind for this upcoming trend that will affect those who will seek homes for their parents or grandparents, as well as professionals in the industry.

First off, many seniors have lived at the same address for decades. This means that they haven’t been part of the homebuying and selling process for a long time. They’ll depend on those close to them, whether family or professional, to guide them.

Chicago real estate agents have many great resources available to them to better understand the wants and needs of our aging population. The Seniors Real Estate Institute (SREI) serves as an important educational institution that helps equip professionals across North America to navigate “the complexities of late in life moves,” as stated on their website. The National Association of Realtors also has a SRES Designation that professionals can earn when they acquire the essential knowledge to counsel clients over the age of 50.

Besides getting help from a trained Chicago real estate professional, families of seniors should figure out what kind of housing is needed. For example, 55+ communities are age restricted residencies that sometimes have resort-style amenities and social activities, while Continuing Care Retirement Communities are a campus-like accommodation that includes skilled nursing care and assisted living.

Be sure to watch out for new developments in Chicago that will cater to seniors to meet this growing demand!




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