Retirement-type communities are designed to provide seniors with safe escapes, meaning protected places to live well and enjoy activities. However, increasingly, millennials are seeking to also enjoy that same lifestyle.
So young!
Can you imagine being 40 or younger and moving to a retirement community? Per 3rd Hour Today, this newer trend is indeed happening, having gained momentum during the Covid-19 pandemic and period of social isolation. Making this option inviting is the continual ability for folks to work remotely. This affords young people living in retirement communities the ability to work from home in the morning and play rounds of golf or hang out by the pool later in the day.
Read on…
Let’s learn why millennials are bursting onto the retirement scene in communities across America. And let’s also hear how some seniors really feel about “youngsters” moving in!
Retirement appeal
Retirement neighborhoods are picturesque places to live, featuring gated communities of attractive homes, lovely gardens, rich and rolling landscapes and amenities galore. They are generally designed for folks aged 55 plus. Most offer brand new construction and low to maintenance-free living. This is appealing to all ages, particularly for retirees who no longer desire the traditional responsibilities of home upkeep. Per Trillium Woods, “Although there’s a gap in generations, today’s seniors and millennials share a similar desire to downsize, declutter, and simplify their homes and finances.” Retirement living can sometimes do this. Housing affordability and/or getting big bang for the buck are other main drivers of millennial suburbanization and desire for “the retirement lifestyle.” Though luxury retirement communities are expensive, young people with high incomes can largely support that lifestyle.
Ooh la la!
Many retirement neighborhoods offer upscale amenities such as swimming pools and hot tubs, luxury spas, fancy clubhouses, state-of-the-art gyms, championship golf courses, tennis courts, on-site beauty salons and restaurants, and more. The idea of playing tennis, swinging golf clubs, lounging by the pool, and participating in social clubs offers tremendous appeal for those seeking package deals. It’s easy to see why young people are open to “retirement” experiences. When zeroing-in on reasons why millennials seek to move to retirement communities, experts say the reasons are trifold: for safety, social networking, and golf.
- Safety: Gated communities are those with controlled entrances and contain perimeter walls and fences that offer safety and security. Many millennials appreciate living in safe communities.
- Social networking: Most people in retirement seek out social companionship and friendship. Young people appreciate social interaction and the benefits derived from living in tight-knit communities.
- Golf: Golf is a staple sport of many premium retirement communities. Young people delight in spending time outdoors, learning new skills, and enjoy exercise and some competition in beautiful surroundings. They may also gain pleasure spending time with people of mature age.
It’s legal?
A 55+ community, sometimes called an active adult community, is a neighborhood intended to primarily provide occupancy to older people. Some may prohibit younger people from living there, with some legal exceptions. Note that age restrictions in retirement communities can exist, however over 55s must publish and abide by specific policies guided by state and federal laws and legal exemptions. Communities seeking younger active adults can set lower age restrictions, typically in 20 percent of the age-restricted development per the 80/20 rule (where 80 percent of occupied units in a 55+ must have at least one person living there who is over 55, and the community must show intent to provide housing for adults 55 and older.)
Your thoughts…
The movement of younger people to retirement neighborhoods is stimulating controversy. While some folks welcome age diversity, not everyone is happy about it. Quite simply, some people prefer to be around adults their own age. Or they desire the peace and quiet that accompanies life in older-adult exclusive communities. How do you feel about younger people moving into retirement communities? Might this influence where you retire?
