Are Seniors Being Priced Out of Big Cities?
Priced out or willing to sacrifice? Seniors are now more likely to want to retire in a big city, but less likely to be able to afford it.
It’s been known for some time that the baby boom will directly lead to an increase in the numbers of elderly residents in the United States. What still isn’t known for certain is where these seniors will want to live. Different theories are still being debated, including whether seniors will want to remain in the suburbs or join the urbanization movement, selling their homes and moving into big city high-rises with shops and public transportation nearby.
That is, assuming the seniors can even get into the city. Recently, the AARP (the American Association of Retired Persons) released a poll it conducted in 2013 with New York City seniors. According to the study, 35 percent of the 1.3 million soon-to-be seniors already say it’s extremely likely they will move out of New York City to retire. Another 29 percent said it’s “somewhat likely,” leaving only 34 percent saying they are sure they will remain in the Big Apple. One of the big reasons to leave, the seniors said in the poll, is that they think they’ll be priced out of over 55+ rental housing. More than half of the seniors surveyed said they don’t believe that there will be enough affordable housing available by their retirement. Continue reading Carr’s full article on NREI.