Dive Brief:
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The ability of aging adults to maintain their mental and physical health in their current residences is partly influenced by the physical characteristics of the communities in which they live, according CityLab, citing new research by the Washington, D.C.-based nonprofit Population Reference Bureau.
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The report found that improving overall neighborhood safety as well as making changes to the built environment, such as upgrading sidewalks, can benefit older residents who have decided to remain in their communities as they get older, a process referred to as aging in place.
- In economically disadvantaged neighborhoods, the report notes, boosting walkability and providing amenities like libraries and parks are key. In these communities, improving public space and access to it is imperative because aging in place is often a more affordable option for residents than moving to a retirement community.
Dive Insight:
The housing habits of the baby boomer generation are a key driver of residential construction activity today, and they are expected to continue to be so as that group ages and many of its members downsize to smaller, lower-maintenance properties that are often walkable to nearby amenities.
Builders are optimistic about the demand potential for housing coming out of this shift, particularly in the single-family, active-adult category, with the National Association of Home Builders 55+ Housing Market Index rising eight points during the fourth quarter of 2016 from the prior quarter.
One indication of how that optimism is materializing in the market is with the continued development of active adult communities nationwide. Making headlines last week was the announcement by Canadian developer Minto Communities and Jimmy Buffett’s Margaritaville Holdings to jointly deliver active adult developments nationwide inspired by the music of Jimmy Buffett. The first project, the $1 billion Latitude Margaritaville, is slated for Daytona Beach, FL.
Outside of the full-community arena, builders are creating lines of homes that meet the maintenance, size and plan requirements of this demographic. This past summer, D.R. Horton launched is Freedom Homes active-adult line of single-family properties after finding that the buyer segment was purchasing nearly half of its entry-level inventory.
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