Market geography Housing options Age-restricted communities Housing for Older Persons Act (HOPA)

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Market geography

Housing options

Age-restricted communities

Housing for Older Persons Act (HOPA)

Second homes

Promoting your market area

Balancing community pros and cons

In this chapter

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Market Geography

More than half 65+ population lives in nine states

California, Florida, New York, Texas, Pennsylvania, Ohio, Illinois, Michigan, New Jersey

California, Florida, and Texas = 29% total increase in senior populations

Most live in metro areas

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Trend to stay close to home

Future distribution of senior population will be in proportion to where Baby Boomers and their parents now live

Market Geography

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Portland, OR Seattle, WA San Francisco, CA Pittsburgh, PA Milwaukee, WI Philadelphia, PA New York, NY Boston, MA Cincinnati, OH Chicago, IL

Banker’s Life Co.Top 10 Locations for Seniors

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Terminology for types of housing can differ from place to place

•House-o-minium?

•Condo-cabana?

Terminology Is Local

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Active Lifestyles Independent Living Assisted Living Continuing Care Care Facilities

Housing Options

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Age restricted

Range of services, social events, amenities, and activities

Active-Adult Communities

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Top 3 of 10 amenities: 1. walking and jogging trails2. outdoor spaces3. public transportation

Amenities enhance value even if residents do not use them

Desired Amenities

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Single-family homes

Attached homes, duplexes, townhomes

Condominiums, house-o-miniums

Manufactured and mobile homes

Cluster housing

Subdivisions

Cruise-ship condominiums

“Try-before-you-buy” option

Active-Adult Housing Options

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Residents design the community

Design encourages a sense of community

Common facilities designed for daily use

Residents manage the community

Decision-making by consensus

Community & services not a source of income

Elder Cohousing

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Men• Age 55-64 are least-fun years

• Age 65 most say they about same

• Less likely to pretend enjoyment

Women• Having more fun until age 65

• Less inclined to pretend fun

What would men and women rather be doing? Good deeds.

Are We Having Fun?

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Remaining in the current residence

Staying in the community, but in a different residence

Relocating for the last time

Aging in Place

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Most lock in their housing choice for aging in place by age 60

Security, privacy, independence

When and Where?

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Awarded by the National Association ofHome Builders

Specialists in adaptive modifications of homes for aging in place

www.nahb.org

Certified Aging-in-Place Specialist (CAPS)

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20% of seniors are renters

Apartments are small and easy to maintain

Seniors can socialize with comfort, safety, and security

No medial or custodial care provided

Long waiting list for low-income housing

Seniors-Only Apartments

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Program of All-Inclusive Care for the Elderly

Coordinated care and services

Better for seniors to be served in the community

Nursing home needs certified, but few seniors live in nursing home

www.npaonline.org

PACE

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Elder Cottage Housing Opportunity

Granny flat, mother-in-law flat, or accessory unit

Site-built and attached to the main home

Separate entrance

Enhances the value of the main home

ECHO

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Sharing a home with a roommate

Strategy for aging in place

Organizations help with match up

Shared Housing

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Private apartments

Independent living with privacy, supervision 24/7

Common social areas and communal meals

No medical care

Congregate Living

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Fills in the gap when the caregiver must work during the day or needs a respite

Offers supervision, often a noon meal, social and education activities, and support groups

Senior Day Care

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May be offered by congregate,

assisted living, and continuing care

retirement communities

Can provide vacations and care giver

respite

Try out as a possibility

Short-Term Stays

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Intermediate step between independent living and care facilities

Assistance with daily activities

For those who cannot live on their own, are ambulatory, but do not need nursing care

Medicare does not cover cost

Assisted Living

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Increasing levels of care at one location as residents’ needs change

Provides security of being taken care of through stages of aging

Residents can maintain friendships

Large buy-in fee, annuity purchase, monthly fees

Not for the budget conscious

Continuing Care

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Caring for the frail elderly who have chronic functional impairment

Assistance in one or more of the activities of daily living (ADL): bathing, toileting, dressing, grooming, eating, and transferring, such as moving from bed to chair

Elder Care

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Residential care facilities for the elderly

More independence than a nursing home

Assistance with ADL, but no medical care

One basic price for a package of services with added fees for additional services, or deductions for services not used

RCFE

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Simple small assisted living facilities

Personal and custodial care

Converted private homes, unofficial

4 to 10 residents

Also known as foster care, group homes, and domiciliary homes

Board and Care

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Personal care and medical care around the clock

Short-term residents who are recovering

Long-term residents who cannot care for themselves

Nursing Homes

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Allows caretakers occasional time off to recoup emotionally, handle other family responsibilities

Alternative is short-term stay in an assisted-living facility

Respite Care

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Specialize in care of patients with dementia

Caring for patient at home means families need to think about:

•Security and safety of environment

•Day care facility availability

•Interaction and recreation opportunities

Alzheimer's Care Facilities

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Different state agencies regulate different types of facilities

No standard definitions

Two different “retirement centers” or “assisted-living” facilities within the same state may not be licensed by the same agency

Facility Regulation

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Seniors can make friends with people of the same age

Use of facilities

Peaceful atmosphere

Why Age-Restricted Communities?

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Not the responsibility of the REALTOR to verify age or eligibility

Clients must be informed that they will be expected to meet the age restrictions

Verifying Age

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Two Levels of age restriction:

1. 80% of the units occupied by at least one person age 55 or older per unit

2. 100% of the units occupied by person age 62 or older

HOPA

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Must publish and adhere to policies and procedures that show intent to provide housing for these age groups

Must verify resident age through reliable surveys or affidavits

HOPA Requirements

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Prevent loss of exemption when surviving spouse or heir occupies the unit

Occupants are counted, not the owners

Occupant may be absent for a time

Healthcare workers or family caregivers are not counted

80/20

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Use of the property may change as owners progress through life stages

One in four vacation-home owners intend to use the property as a primary residence after retirement

Second Homes, Future Retirement?

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Use rental income to offset as much of mortgage and expense

Sell primary home and refurbish rental home

Sell both homes and purchase new home

Converting Rental to Retirement

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What picture do the data present?

How does it compare to the buyers you encounter most frequently in your market?

Typical Second Home Buyer

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Help buyers evaluate and balance the pros and cons

Promoting Your Market Area

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Medical

Market

Transportation

Community & Activities

Fitness

Climate

Services

Senior and Aging Services

Property Features

Checklist for Promoting Your Market Area

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Most important factor in choosing retirement location

Be prepared with information on cost of living factors

Cost of Living

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AARP 10-point quiz

How would your grade your community?

Go to www.aarp.org

How Liveable Is Your Community?