Traditionally, many seniors and their families have seen assisted living as a way to downsize and have a peaceful place to live, more recently others have taken retirement as an opportunity to live a higher end, luxury lifestyle with upgraded services and amenities.
Why the change? One reason is a reflection upon the nation’s demographics. As baby boomers begin to retire, 4 million for the next 20 years to be exact, trends show that luxury living is a top priority.
Developers in the assisted living industry have taken notice to the trend, which explains why senior living high rise apartment complexes are popping up in cities like Dallas, Palm Beach, and Manhattan; Traditional assisted living communities have undergone renovations to have resort-style amenities; and care has become more advanced with sustainable living and technology. Senior living communities that were once traditionally located in the suburbs have moved to more modern, convenient locations near entertainment, art, and other cultural centers.
Common features in luxury assisted living communities include:
- More choices condominiums, townhouses, and bungalows
- Wellness activities like yoga, walking clubs, and meditation
- Spa services
- Pet friendly housing
- Upscale dining with multiple options
- Higher level of healthcare options and services
- Transportation to cultural events
With senior living communities renovating their facilities to attract more residents, to developers snapping up properties in big cities, there’s a higher demand for a luxury lifestyle that we haven’t seen before.
So, the million dollar question is, who can afford to live this luxurious lifestyle? As we said earlier, with millions of baby boomers retiring in the next 20 years, there is a certain expectation for quality of life, and they are more than willing to pay for it. There is certainly a market for living in luxury, and we’ll continue to see it as these communities pop up across the country.