There has been a lot of attention given to the Live, Work, Play lifestyle that has been popularized by the Millennial generation. However, other generations have begun realizing the benefits of this type of active lifestyle, and are requesting it for themselves. One such generation are the Baby Boomers.
The first of the Baby Boomers began reaching retirement age (65) in the year 2011, and since then, it has been estimated that 10,000 Baby Boomers are reaching retirement age every day. After “putting in their time” for 40+ years, many of them simply are not looking to spend their days tackling pesky house chores and maintaining their property. No, they are looking to stay socially active and enjoy the same activities typically associated with younger generations. This shift in what it means to “retire” has lead to a boom in the Active Senior Living concept.
According to the commercial real estate firm, CBRE Group, 28% of senior housing investor firms identify this lifestyle as the largest opportunity for retirement housing investment. People are choosing to stay active well into retirement, and are putting a larger priority on spending their earnings on experiences. (those pesky Millennials may have been on to something…)
Active Senior Living offers those reaching the retirement ages the opportunity to ditch the yard work, snow shoveling, and channel surfing for a more meaningful and active lifestyle. These multi-unit housing complexes typically include amenities such as fitness centers, libraries, community rooms, and organized social activities, which all lead to an enhanced sense of community. Oh and did I mention, NO YARD WORK. (…maybe that’s just the Millennial in me recalling the weekends spent performing yard work for my parents and grandparents manicuring their lawns, pulling weeds, shoveling driveways in the winter…) Less time worrying about the house and yard equals more time doing what actually matters. Unless of course, you enjoy doing yardwork, which, I supposed is not unheard of in this part of the country. We Midwesterners do enjoy having a well groomed lawn…
It is no secret that staying physically and socially active throughout retirement leads to a prolonged and enjoyable life. Just a few of the many health benefits include decreased chance of depression, decreased muscle degeneration, and reduced risk of numerous mental and psychological health disorders. Active senior living offers the benefits of an active lifestyle all in one place, while often reducing the financial stresses of owning a full size home.
The demand for active senior living has increased all across the country, even right here in Sioux Falls. A new facility was announced a few months back called ParkPlace Village. SiouxFalls.Business published an article on the project, which can be found here.
ParkPlace Village puts a little different spin on the concept by offering what is known as Cooperative Living for those ages 62 and up. With this setup, residents buy a “share” in the complex, which ranges in price depending on the unit size purchased. Residents will then pay a monthly fee which will cover items such as yard work, utilities, monthly mortgage, insurance and taxes, and more. This particular complex will offer a plethora of amenities such as a coffee shop, fitness center, library, woodworking shop, and a great location adjacent to parks, a golf course, and restaurants. For more information regarding ParkPlace Village, check it out here.