Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

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RickyGold
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Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by RickyGold »

Hello,

I am a first-time poster to this forum, and I have a question about 55+ communities, also known as "active adult" or "age restricted" communities.

My wife and I are in our late 50's, and we are seriously considering buying a house in a 55+ community in North Carolina to be closer to family.

One concern we have is as follows: Let's say one day we decide to sell our age-restricted home when we are in our 70s or 80s...will there be any buyers out there?

People our age in the "baby boomer" generation will probably be selling their homes like we would be doing, and the Millennials won't be old enough to buy into a 55+ community....and who knows if Millennials would even want to live in an age-restricted community anyway?

So the question is: Are 55+ communities too much of a baby boomer niche market that re-sale is problematic when the baby boomers age out or die out?

Curious as to what Boglehead's think about this!!
Ependytis
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Ependytis »

I personally would not limit the market that I could sell to (55+) for a capital investment like a home. A home might make up 10 to 20% of my net worth. The only upside I can see is, since the market is limited, the purchase price might be lower. As you said, the baby boom cohort is larger then the cohorts that follow. Because of this, demand will be decreasing right when you’re going to sell in your 80’s.
mrsbetsy
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by mrsbetsy »

There is a small area in our town of 77K people that is for 55+ only. It is a highly sought after area and they sell in less than 24 hours.

Our neighbors, who are 82 and 77, just sold their 2600 square foot home and moved into one of them. It is a darling 1300 square foot/small lot size home and so much better for them. It's walking distance to a beautiful top notch community funded senior center which offers social activities every day.

In our area, there aren't enough of them so this may be a regional difference.

In fact, we have a realtor keeping an eye open for when one comes available. Us and I'm sure a few hundred others.

Around here because of COVID, you have to be ready to buy without any contingencies.
tibbitts
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by tibbitts »

Interesting thought, but... most of these are governed by boards. There are advantages to be a 55+ community in most areas, but at the point that those advantages cease to outweigh disadvantages, it might not be unreasonable for the community to no longer be a 55+ community. Similar there might be pressure at the government level to limit the 55+ requirements.
Mako
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Mako »

Millennials are from 1981 on. They aren’t all that younger than you. I think plenty will be 55 in say 20-30 years. Not to mention it’s not like nobody was born in the 70s.

Aside from that, I don’t see why Millennials or Boomers or Gen Xers would like or dislike this concept as a generation. Some older people would rather be around people their age, with lots of built in social activities, and not have to deal with kids and 20 year olds and such. Some don’t care about any of that. I don’t think this is inherently a Boomer thing.

I do get the point above about not wanting to limit your potential market. I guess it depends on what kind of demand there is in the area for this kind of place.
Normchad
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Normchad »

I find the idea of a 55+ community appealing. I really like the floor plans you can find there. Specifically I’d like single level living, 2 master bedrooms, a 2 car garage, and no extra rooms. I can only find that in the 55* communities. The landscaping is typically kept up and uniform as well.

But, I went to tour a few and it was a real turn off for me. So I do not think I’ll get buy one. I figured it would be full of super cool people my age. Nope, it was full of people that were 55, 20-30 years ago. Completely not my demographic.

On the other hand, I could see younger people liking them when they become eligible. A lot of the millennials do like smaller homes, no exterior maintenance, and keeping to themselves. So there might be a good supply if willing buyers in the future.
TresBelle65
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by TresBelle65 »

I'm guessing there is a certain percentage who don't plan to move after that - so the 55+ becomes their last permanent home? presumably these places are surrounded by services typically needed by seniors and the elderly?

Where to 80 somethings go after a 55+ community? to live with adult children or a relative? to a nursing facility?
delamer
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by delamer »

I don’t think it’s a question of “will there be buyers.”

It may — emphasis on may — be that a home in such a community won’t appreciate as much as a similar home in a non-age-restricted neighborhood.

But so much is dependent on local market conditions well in the future.

Not an issue that would stop me from buying.
Dottie57
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Dottie57 »

I am looking at a 55+ condo community. It is hard to get in quick enough to even see an apartment before it is snapped up. The condo have lovely walking paths, a pond, workshop, small greenhouse space, picnicking areas and deck areas. Not worried about selling. The association can change rules about 55+ if needed.
adamthesmythe
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by adamthesmythe »

If the price of a house in these communities is a very large fraction of your assets- then I can see, maybe, being concerned about this.

Otherwise- it makes far more sense to choose your living situation based on what you want in the near future, rather than worry about one of a large number of trends that will determine prices farther in the future.
tibbitts
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by tibbitts »

Dottie57 wrote: Sun Jul 12, 2020 12:36 pm I am looking at a 55+ condo community. It is hard to get in quick enough to even see an apartment before it is snapped up. The condo have lovely walking paths, a pond, workshop, small greenhouse space, picnicking areas and deck areas. Not worried about selling. The association can change rules about 55+ if needed.
Some rules they can change, but the government established minimums they have to meet to remain 55+, so at some point they would need to not just tweak rules, but change them completely. Which could happen, it's just a higher bar.

Since many 55+ communities aren't physically appropriate for families, you may end up having to change rental restrictions and ending up with a lot of absentee owners of blocks of properties renting them.
Last edited by tibbitts on Sun Jul 12, 2020 12:52 pm, edited 1 time in total.
quantAndHold
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by quantAndHold »

There are more millennials than baby boomers now, and by the time you’re ready to sell, there will be more gen Xers than baby boomers. I wouldn’t worry that much about demographic bubbles.

Two comments about 55+ communities, after dealing with both dad’s and mom-in-law’s...

If you’re in your late 50’s you’re likely to be the youngest ones there, by a couple of decades. The average age in those places is usually mid-80’s. If you’re just looking for a nice place to live that might not matter, but if you’re looking for a social life, it will.

The other thing is that those amenity rich 55+ communities often charge very high HOA fees, that are not waived when the place is unoccupied. So when you go to sell, you will be competing against units that are being sold by people looking for a quick sale, to get out from under the HOA fees after mom or dad died. If you can get a good deal on the purchase because of this issue, then it’s not so big a deal, but I know in mom-in-law’s case, those HOA fees were a killer.

Edit...Oh! And welcome to Bogleheads!
Yes, I’m really that pedantic.
Kagord
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Kagord »

quantAndHold wrote: Sun Jul 12, 2020 12:52 pm The average age in those places is usually mid-80’s.
Just going from experience, I'd say late 60's and 70's is the average age for over 55 communities, full independent living. Low 80's is the average age for entering CCRCs, assisted living, memory care, and nursing homes.
28fe6
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by 28fe6 »

So far nobody asked--what is a 55+ community?
superinvestor
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by superinvestor »

The distribution of ages in the population is a smooth line. It's not one block of people being born every 30 years.
quantAndHold
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by quantAndHold »

Kagord wrote: Sun Jul 12, 2020 1:05 pm
quantAndHold wrote: Sun Jul 12, 2020 12:52 pm The average age in those places is usually mid-80’s.
Just going from experience, I'd say late 60's and 70's is the average age for over 55 communities, full independent living. Low 80's is the average age for entering CCRCs, assisted living, memory care, and nursing homes.
From this... https://www.whereyoulivematters.org/lif ... community/
The average age of senior living residents is about 84 years old. While there are plenty of couples in these communities, most independent living residents are women. There are some who move in close to the minimum age requirement (usually about 65), but most make the move between the ages of 75 and 84. The typical assisted living resident is an 87-year-old woman who needs help with two or three activities of daily living, such as dressing, bathing and medication management.
Yes, I’m really that pedantic.
quantAndHold
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by quantAndHold »

28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
You have to be 55 or older to move in.
Yes, I’m really that pedantic.
JonnyB
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by JonnyB »

28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
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Watty
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Watty »

Statistics can be tricky. I've read several articles about how a lot fewer millennials are getting married.

Even if many of them are just living together in a long term relationship that could still mean that there will be a lot more single people living in one person households when they reach retirement age.

Even if there are fewer millennials if there is a higher percentage of single person households that could mean that there are more millennial households.

As I recall the 55+ communities were around long before the baby boomers would have been moving into them so they are not just a baby boomer thing. There is also a 16 year gap between baby boomers and millennials.

https://www.careerplanner.com/Career-Ar ... ations.cfm
adamthesmythe
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by adamthesmythe »

JonnyB wrote: Sun Jul 12, 2020 1:26 pm
28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
It was true in the 60's and it's still true today.

There's nothing great about the "real world."
spectec
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by spectec »

We bought a home in a 55+ gated community 3 years ago and we love it. (We're 72 now). There are enough active seniors in our community to make the club house and pool a pleasant place to visit, and the exercise room is a handy feature. Monthly HOA dues are significant but not onerous (for us)

We consider this to be our "forever home", with the next residence being either Assisted Living, SNF, or the cemetery. We paid a little over $250K, not knowing or caring if we realize any appreciation by the time we "leave the house" for good. If our heirs can sell it for a profit that's good, but I've told them to just take whatever the market offers at that time and don't even think about what we paid for it. There's also the possibility that THEY might decide this is a nice place to live after we're gone. (They will be eligible in about 6-7 years). So that's our position because we entered into this with the clear philosophy that it isn't written in stone that you must make a profit or you've made a bad housing decision.

But here's the other MAJOR consideration for me, and is why I was the one to press for this decision beginning 5 years ago. The male is usually the first to die. If that happens, then I will depart having the comfort of knowing that my wife is settled into a community she knows well, doesn't have a yard & grounds to maintain, and already has a shared interest with neighbors, many of whom are also widows. And she won't have the huge emotional & financial burden of trying to unload a big house in a market that is gunning for her because she's a recent widow who is also swamped with all the decisions related to the risks she is taking in moving to a unknown place among unknown people.
Last edited by spectec on Sun Jul 12, 2020 2:20 pm, edited 1 time in total.
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visualguy
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by visualguy »

JonnyB wrote: Sun Jul 12, 2020 1:26 pm
28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
Right, but isn't mid or late 50s MUCH too early to enter God's waiting room? The level of interest in doing something like that may indeed change from generation to generation.
Bobby206
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Bobby206 »

It's sort of like when I got a mortgage, some years ago, that was variable but was fixed for 10 years. I was so worried about it not being a 30 year fixed. The mortgage guy said: "Bobby, how many people actually live in their house for 10 years? Not very many." I would say the same here. Odds are you'll sell in 5-10 years so it really won't matter. At this point they are building new 55+ communities all over the country so someone, way smarter than me, sees them as a good thing right now. I'd buy it and enjoy it!
spectec
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by spectec »

.....
Last edited by spectec on Sun Jul 12, 2020 2:27 pm, edited 1 time in total.
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spectec
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by spectec »

visualguy wrote: Sun Jul 12, 2020 2:14 pm
JonnyB wrote: Sun Jul 12, 2020 1:26 pm
28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
Right, but isn't mid or late 50s MUCH too early to enter God's waiting room? The level of interest in doing something like that may indeed change from generation to generation.
Well, I will add that anyone who moves to an over-55 community is free to come and go as they please. It's no different than living in a house in a neighborhood or a mansion on an estate insofar as the ability to go do whatever one wants to do may be concerned. We go to all the same places and engage in all the same activities we did when we lived in our large house. But we actually have more free time because that darn lawn doesn't need to be mowed, the pool doesn't need to be maintained, or the sprinkler system doesn't need to be repaired. That's all now someone else's responsibility.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers
CycloRista
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by CycloRista »

I'm nearing that age and neither my wife or I would consider moving into a 55+ community at this stage of our lives. We may have different thoughts 10+ years from now.

Some of our older friends who chose to do that have either:

A) Paid quite a tidy sum in the more established communities near us (more than the single family home they sold).

B) Took a chance on an up and coming 55+ development that never reached its full potential because they never came close to building out the entire property due to lack of demand. Cancelled golf course construction, scaled back club house and sports complex, etc.

We definitely want to downsize to a smaller home sooner rather than later since the kids are just about done with college. The debate is whether we can get the heck out of the major metropolitan area where I have lived my entire life or not (based on career/day job flexibility). Ideally we would like to move somewhere much quieter that is within an hour or so of a decent size airport so we can travel on occasion.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Sandtrap »

28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
A private community where the concerns and conversations include:
“You’re young. Wait till you get to be my age.”
“How’s your back?”
“Yes. Of course I can still drive. But, not at night.”
“What? ..... speak louder!”
“She’s dating who?”
“Yes. Our real house is in Ohio (etc).”
“What do you take for knee pain?”
“Yes. Golf. I used to hit a 1 iron 280 yards.”

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Sandtrap
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Sandtrap »

spectec wrote: Sun Jul 12, 2020 2:04 pm We bought a home in a 55+ gated community 3 years ago and we love it. (We're 72 now). There are enough active seniors in our community to make the club house and pool a pleasant place to visit, and the exercise room is a handy feature. Monthly HOA dues are significant but not onerous (for us)

We consider this to be our "forever home", with the next residence being either Assisted Living, SNF, or the cemetery. We paid a little over $250K, not knowing or caring if we realize any appreciation by the time we "leave the house" for good. If our heirs can sell it for a profit that's good, but I've told them to just take whatever the market offers at that time and don't even think about what we paid for it. There's also the possibility that THEY might decide this is a nice place to live after we're gone. (They will be eligible in about 6-7 years). So that's our position because we entered into this with the clear philosophy that it isn't written in stone that you must make a profit or you've made a bad housing decision.

But here's the other MAJOR consideration for me, and is why I was the one to press for this decision beginning 5 years ago. The male is usually the first to die. If that happens, then I will depart having the comfort of knowing that my wife is settled into a community she knows well, doesn't have a yard & grounds to maintain, and already has a shared interest with neighbors, many of whom are also widows. And she won't have the huge emotional & financial burden of trying to unload a big house in a market that is gunning for her because she's a recent widow who is also swamped with all the decisions related to the risks she is taking in moving to a unknown place among unknown people.
Good points.
I have seen this often.

IE: old senior friend (86) & younger spouse, moved to a mostly affluent senior condo and joined a nearby exclusive private country club. Spouse is now heavily involved with golf and country club social activities with many new friends.

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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by tibbitts »

visualguy wrote: Sun Jul 12, 2020 2:14 pm
JonnyB wrote: Sun Jul 12, 2020 1:26 pm
28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
Right, but isn't mid or late 50s MUCH too early to enter God's waiting room? The level of interest in doing something like that may indeed change from generation to generation.
Well it depends, 60-year-old Bogleheads are just starting to think about whether they want to have children. They've been waiting so the kids will be able to collect social security benefits for those first 18 years, of course. Oh, sorry, 19 years - they'll make sure the kid is still in high school to collect that extra year.
quantAndHold
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by quantAndHold »

visualguy wrote: Sun Jul 12, 2020 2:14 pm
JonnyB wrote: Sun Jul 12, 2020 1:26 pm
28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
Right, but isn't mid or late 50s MUCH too early to enter God's waiting room? The level of interest in doing something like that may indeed change from generation to generation.
OMG yes. I'm late 50's, wife is early 70's. Neither of us wants to live with all those old people.

At our parents' places (both upscale condos), people in their early 70's were the youngsters. There was one 50-something guy at mom-in-law's place, but he was severely disabled.
Yes, I’m really that pedantic.
quantAndHold
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by quantAndHold »

spectec wrote: Sun Jul 12, 2020 2:27 pm Well, I will add that anyone who moves to an over-55 community is free to come and go as they please. It's no different than living in a house in a neighborhood or a mansion on an estate insofar as the ability to go do whatever one wants to do may be concerned. We go to all the same places and engage in all the same activities we did when we lived in our large house. But we actually have more free time because that darn lawn doesn't need to be mowed, the pool doesn't need to be maintained, or the sprinkler system doesn't need to be repaired. That's all now someone else's responsibility.
My main critique of the 55+ places around here is that nearly every 55+ place is out in the boonies somewhere (usually the desert) where it's impractical to go out for much of anything. They're really meant to be self contained live/play places where your entire life revolves around the community. Places that are well located tend to be older, more established, and wildly expensive, usually CCRC's.

If I just want to avoid yard work, a regular condo works just fine for that, and is more conveniently located.
Yes, I’m really that pedantic.
retired recently
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by retired recently »

My wife and I are in NC and are interested in moving into one of these communities in a few years. What is the noise level like in these communities? I envisions living beside of someone that is hard of hearing and leaves the TV blaring for hours and hours...or perhaps the communities being overrun with small dogs that bark incessantly. Is this accurate or are there some that are relatively quiet and peaceful? Also, are there any of these communities where you can rent before you buy?
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by tibbitts »

retired recently wrote: Sun Jul 12, 2020 2:58 pm My wife and I are in NC and are interested in moving into one of these communities in a few years. What is the noise level like in these communities? I envisions living beside of someone that is hard of hearing and leaves the TV blaring for hours and hours...or perhaps the communities being overrun with small dogs that bark incessantly. Is this accurate or are there some that are relatively quiet and peaceful? Also, are there any of these communities where you can rent before you buy?
You can't generalize. Lots of 55+ communities don't allow any pets, indoor or outdoor, so zero pet noise. Animals from the surrounding neighborhood will be immediately chased down and evicted if they attempt to enter. Most of the communities allow renting - but often only for many months at a time. Well, you pay for many months at a time. If you'd like to pay me for the minimum association-required 4 months but only stay overnight, let me know. I can imagine the TV thing being a problem, although I haven't experienced it personally. In fact, it's fairly likely you'll experience excessive and extremely annoying TV noise coming from inside your own unit, unless you live alone. Otherwise, you have to look at the construction and other factors.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by jjface »

You seem to think there is no one between boomers and millenials. Even then millenials aren't that young these days. Some will be 55 when you are in your 70s ready to sell.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by tim1999 »

I'm way under 55 now but am planning on retiring and moving to a golf-oriented 55+ community when I reach that age.
retired recently
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by retired recently »

tibbitts wrote: Sun Jul 12, 2020 3:10 pm
retired recently wrote: Sun Jul 12, 2020 2:58 pm My wife and I are in NC and are interested in moving into one of these communities in a few years. What is the noise level like in these communities? I envisions living beside of someone that is hard of hearing and leaves the TV blaring for hours and hours...or perhaps the communities being overrun with small dogs that bark incessantly. Is this accurate or are there some that are relatively quiet and peaceful? Also, are there any of these communities where you can rent before you buy?
You can't generalize. Lots of 55+ communities don't allow any pets, indoor or outdoor, so zero pet noise. Animals from the surrounding neighborhood will be immediately chased down and evicted if they attempt to enter. Most of the communities allow renting - but often only for many months at a time. Well, you pay for many months at a time. If you'd like to pay me for the minimum association-required 4 months but only stay overnight, let me know. I can imagine the TV thing being a problem, although I haven't experienced it personally. In fact, it's fairly likely you'll experience excessive and extremely annoying TV noise coming from inside your own unit, unless you live alone. Otherwise, you have to look at the construction and other factors.
Thanks very much for the info. I wrongly thought pets were allowed everywhere. I am sure I have many annoying habits but loud TV noise is not one of them as I very rarely even turn it on. Your comments have certainly encouraged me to look a bit further into these communities.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by randomguy »

visualguy wrote: Sun Jul 12, 2020 2:14 pm
JonnyB wrote: Sun Jul 12, 2020 1:26 pm
28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
Right, but isn't mid or late 50s MUCH too early to enter God's waiting room? The level of interest in doing something like that may indeed change from generation to generation.
Over 55 communities aren't nursing homes. It is hard to generalize. Like any other neighborhood they go through cycles. They start off with 54-70 year olds, age up to mid 80s and then age diversify as the original owners sell out. Same thing with other places. People buy them, send their kids to school and the place ages til they sell and move.
People have had the same criticism of 55+ communities that this thread mentioned for 30+ years. Would boomers with their delusions of youth move into them? The answer so far has been yes. I am guessing they will keep appealing to genx and so on for the foreseeable future.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Elysium »

I don't like the idea of living in any restricted community, including a 55+, even when I am 55+, I find the idea of limiting oneself to a certain group very repressive thought. Besides, I like to be around young, old, kids, and everyone in between so I know what normal life feels like. I am neither a boomer nor a millennial. Perhaps 55+ is a boomer thing and you are right, others may not want to live in communities like that in future, in which case they will get re-purposed, and life goes on.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by tibbitts »

retired recently wrote: Sun Jul 12, 2020 3:58 pm
tibbitts wrote: Sun Jul 12, 2020 3:10 pm
retired recently wrote: Sun Jul 12, 2020 2:58 pm My wife and I are in NC and are interested in moving into one of these communities in a few years. What is the noise level like in these communities? I envisions living beside of someone that is hard of hearing and leaves the TV blaring for hours and hours...or perhaps the communities being overrun with small dogs that bark incessantly. Is this accurate or are there some that are relatively quiet and peaceful? Also, are there any of these communities where you can rent before you buy?
You can't generalize. Lots of 55+ communities don't allow any pets, indoor or outdoor, so zero pet noise. Animals from the surrounding neighborhood will be immediately chased down and evicted if they attempt to enter. Most of the communities allow renting - but often only for many months at a time. Well, you pay for many months at a time. If you'd like to pay me for the minimum association-required 4 months but only stay overnight, let me know. I can imagine the TV thing being a problem, although I haven't experienced it personally. In fact, it's fairly likely you'll experience excessive and extremely annoying TV noise coming from inside your own unit, unless you live alone. Otherwise, you have to look at the construction and other factors.
Thanks very much for the info. I wrongly thought pets were allowed everywhere. I am sure I have many annoying habits but loud TV noise is not one of them as I very rarely even turn it on. Your comments have certainly encouraged me to look a bit further into these communities.
Disagreements over intra-unit TV and music volume have been known to occur over time. You really have to check into the rules. For example, you don't want to purchase a unit and find your vehicle (something radical like a... pickup truck) might not be allowed in the neighborhood.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Rick Ferri »

My wife and I live in an over-55 single-family home community in Georgetown, TX. We purchased our first home here two years ago, then decided it wasn't exactly what we wanted, so we sold that home (in five days) and recently moved into a home we had built.

So far so good! I like to play pickleball, and there are a lot of good players in the development. Do I care what this house sells for when I'm 90 years old and ready for the nursing home? Not in the least.

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Last edited by Rick Ferri on Sun Jul 12, 2020 4:32 pm, edited 1 time in total.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by EddyB »

adamthesmythe wrote: Sun Jul 12, 2020 1:52 pm
JonnyB wrote: Sun Jul 12, 2020 1:26 pm
28fe6 wrote: Sun Jul 12, 2020 1:08 pm So far nobody asked--what is a 55+ community?
I've heard it described as a place where old people tired of living in the real world go to die.
It was true in the 60's and it's still true today.

There's nothing great about the "real world."
It’s one thing to say the real world isn’t all great, but for most people there are plenty of great things about the “real world.”
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by rooms222 »

In my northern suburban area, these communities are small to medium sized complexes without a lot of amenities. They tend to sell for about half the price of similar condo complexes, and are slow to move on the market. They certainly can be an affordable place to stay. A couple of the people in our small condo complex have moved to them to get more peace and quiet, a better geographic location, and a bigger unit for the same price.

Monthly fees tend to be higher than our very cheap (too cheap with regards to maintenance?) self-managed complex.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by HomerJ »

Why are you worried about selling?

That's a problem for your kids after you're dead.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by HomerJ »

And no, of course, they are not just baby-boomer thing... :)

I plan to move to one soon. As far as I can tell, it's college all over again.

Tons of games, social activities, people to meet. Everyone who moves there is that kind of person. Fun.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by sport »

Where we live is an interesting alternative to a 55+ place. The houses are very suitable for seniors, and the association cuts the grass, etc. However, there are no restrictions, so anyone can buy here. The result is there are a lot of seniors, but also younger people and some children. The monthly fees are very reasonable.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by ScubaHogg »

RickyGold wrote: Sun Jul 12, 2020 8:27 am

People our age in the "baby boomer" generation will probably be selling their homes like we would be doing, and the Millennials won't be old enough to buy into a 55+ community....and who knows if Millennials would even want to live in an age-restricted community anyway?
You know there’s a whole group of people between those two cohorts, right?
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by JonnyB »

HomerJ wrote: Sun Jul 12, 2020 4:37 pm Why are you worried about selling?

That's a problem for your kids after you're dead.
You might not be dead. You might need to move to an assisted living facility and your home is your only major asset.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Brain »

tibbitts wrote: Sun Jul 12, 2020 12:48 pm
Dottie57 wrote: Sun Jul 12, 2020 12:36 pm I am looking at a 55+ condo community. It is hard to get in quick enough to even see an apartment before it is snapped up. The condo have lovely walking paths, a pond, workshop, small greenhouse space, picnicking areas and deck areas. Not worried about selling. The association can change rules about 55+ if needed.
Some rules they can change, but the government established minimums they have to meet to remain 55+, so at some point they would need to not just tweak rules, but change them completely. Which could happen, it's just a higher bar.

Since many 55+ communities aren't physically appropriate for families, you may end up having to change rental restrictions and ending up with a lot of absentee owners of blocks of properties renting them.
There may be HOA-type rules for the community, but to change the 55+ness of the community would require permission from the local government, most likely. In some cases, like my parents' former development, they are really nothing more than housing developments limited to people who are 55+. These are allowed by the government, where new developments otherwise might not be, because they don't influence school districts (It's assumed that people 55+ don't have school-aged kids). In areas that are heavily packed, new housing developments are often limited by school zoning. So developers got smart and figured they could squeeze in a couple more developments if they promised the gov't there wouldn't be any kids there needing to go to school.

My parents' former development had a clubhouse, but no staff. There weren't any elderly-specific amenities. It could easily convert to a non-55+ community, but only with the county's permission.
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by Outer Marker »

spectec wrote: Sun Jul 12, 2020 2:04 pm But here's the other MAJOR consideration for me, and is why I was the one to press for this decision beginning 5 years ago. The male is usually the first to die. If that happens, then I will depart having the comfort of knowing that my wife is settled into a community she knows well, doesn't have a yard & grounds to maintain, and already has a shared interest with neighbors, many of whom are also widows. And she won't have the huge emotional & financial burden of trying to unload a big house in a market that is gunning for her because she's a recent widow who is also swamped with all the decisions related to the risks she is taking in moving to a unknown place among unknown people.
Doesn't work for me! I'm eligible next year, but the DW would be homeless for 25+ years before she could move back in on her own if I kick it. :wink:
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Re: Are 55+ Communities a Baby Boomer Thing Only? If so, who will buy when Boomers want to sell?

Post by tibbitts »

Outer Marker wrote: Sun Jul 12, 2020 6:08 pm
spectec wrote: Sun Jul 12, 2020 2:04 pm But here's the other MAJOR consideration for me, and is why I was the one to press for this decision beginning 5 years ago. The male is usually the first to die. If that happens, then I will depart having the comfort of knowing that my wife is settled into a community she knows well, doesn't have a yard & grounds to maintain, and already has a shared interest with neighbors, many of whom are also widows. And she won't have the huge emotional & financial burden of trying to unload a big house in a market that is gunning for her because she's a recent widow who is also swamped with all the decisions related to the risks she is taking in moving to a unknown place among unknown people.
Doesn't work for me! I'm eligible next year, but the DW would be homeless for 25+ years before she could move back in on her own if I kick it. :wink:
I don't understand: move back in?
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