It's Time to Rethink the Definition of "Home"

According to the U.S. Department of Health and Human Services, Administration on Aging, the older population, those persons 65 years or older, numbered 37.3 million in 2006. They represented 12.4 percent of the U.S. population, about one in every eight Americans. By 2030, there will be about 71.5 million older persons, more than twice their number in 2000, or 20 percent of the population. As Bob Dylan's 1964 anthem so aptly noted, "The Times They Are a-Changin," but are builders changing with these times? Are they taking advantage of this social and demographic shift? Or, are they conducting business as usual? Progressive builders understand that for older Americans, a home is much more than a place to live. It is increasingly becoming a smaller part of a larger community of like-minded individuals who seek easy access to products, services and other life-enhancing features that meet their needs and desires as older adults. By creating a community of people and businesses to rally around, particularly when it consists of individuals who may not otherwise interact, older adults flourish; a win-win scenario for builders who had the vision to enhance their bottom lines by filling market space capacity created by the demands coming from a dynamic older American demographic. "We serve our residents with respect and dignity in a comfortable, enjoyable and safe community with opportunities to choose additional services according to need and personal preference," said Bill Kaplan, Co-founder and CEO, Senior Lifestyle Corporation. "To their families we provide a support system and peace of mind in the confident knowledge that their loved ones will be cared for with sensitivity, expertise and compassion." Senior Lifestyle Corporation, creators of premier residential communities and the nation's sixth-largest senior living specialist, help older adults enjoy healthier, more fulfilling lives, and offer independent living for every economic level, from luxury to mid-market to affordable. "Each Senior Lifestyle community serves a unique group of people, and we tailor every aspect -- from menus to activities to wellness programs -- to meet their particular needs," added Kaplan. If the statistics above are not convincing enough for builders to consider adding "senior living services specialist" as an ancillary product, perhaps these numbers will. According to the U.S. Government Accountability Office, the federal government will face a fiscal crisis as the cost of entitlement programs for Older Adults is expected to exceed revenues with the retirement of the baby boomers. From the consumer perspective, AARP data consistently shows 9-in-10 older adults want to, or by necessity, will "age in place" or stay in a home with living services and other like-minded individuals for the remainder of their lives. Furthermore, AARP surveys of younger adults (age 45 and older) also indicate the vast majority of adults (better than 80 percent) want to age in place and expect to receive the services needed to do so. From this vantage point, it only makes sense that builders place greater attention and resources on increasing opportunities for and improved quality of community-based services, in step with consumer trends and demographic shifts. With 71.5 million older adults coming online in 2030, builders need to rethink what the definition of home and what that means to their bottom lines. by Peter Mosca -------------------------------------------------------------------------------- Copyright © 2007 Realty Times. All Rights Reserved.