Shared Living Options for Seniors

As baby boomers age and head into their later decades, many find that they need something different after their nest empties i.e. to remain active but also very connected. Even many singles who might have lived in a condo in a downtown or suburban location might want another choice for their older years.

The good news is that, today, there are many new possibilities available to home owners for the next chapter of their lives. Developers, builders and architects understand this demand and are providing baby boomers a host of opportunities: single-family houses that can be shared, townhomes and apartments, and even communities with communal gathering hubs.

Senior Communities

Being part of a community can make it easier to foster instant connections. Social interactions can not only improve one’s outlook but also improve health and help save on costs by pooling resources. The first true retirement community (age restricted) was in Sun City, Phoenix, developed in 1960.

 

Not all seniors want to live with those of just their age group, but like a sense of community and closeness. Thus, a little more than 30 years ago, architects at Duany Plater-Zyberk & Company pioneered another version designed for residents of all ages, who could mingle in walkable towns with mixed-use structures. New Urbanism took the focus off streets and automobiles and placed it on walking paths and houses with front porches to encourage more neighborliness and socializing as people walked by.

Roommates

For those reluctant to yield their anonymity, there’s another choice. For example, two older female friends who wanted to downsize after each lost a husband, chose a ranch house that they could share. They sought a plan with two master suites in a suburban location near one woman’s family, and some yard for gardening, as they were still healthy enough to live on their own.

This is not a new concept – this was the norm years ago when sisters or sisters-in-law or friends lived together for security and companionship. This is probably going to become a trend with an aging population and the cost of senior living.

Pocket Neighborhoods

Rather than have a roommate, others may prefer to own a home with people close by, but on a far smaller scale than a retirement community. Pocket neighborhoods consist of homes clustered around an open space in suburban, rural or urban locale. This is still a fledgling idea with fewer than two dozen across the country. But architects, city planners and developers are showing increased interest.

Cohousing

These are freestanding condominiums along with a community building and open acreage. Residents play a role in design, managing tasks and choosing amenities for the community center, such as a kitchen, guest rooms, pool or vegetable garden. Today, there are 121 cohousing communities in 37 states, but new ones keep popping up.

How will elder cohousing communities adapt to occupants’ aging and desire to remain independent? For residents who may need a walker, wheelchair or an oxygen tank, these could be adapted to bring in caretakers if needed.

The bottom line: Boomers will appreciate not only the intangible benefits of sharing a quality life with others, particularly those who are single or have fewer friends at that stage, but they’ll also rest easier knowing they have someone with whom to share cost-of-living expenses. In addition, recent resale data suggests that these types of homes are a good investment overall.

Courtesy: Realtor Magazine