Baby Boomers Become a Strong Influence in the Housing Market/Universal Design Catches On

Senior citizens make up a very fast-growing segment of the population, in the U.S. and in most of the world including China. The year 2011 saw the first Baby Boomers turning age 65. The term “Baby Boomer,” generally referring to people born from 1946 to 1964, has evolved to include the children of soldiers and war industry workers who were involved in World War II. When those veterans and war industry workers returned to civilian life, they started or added to families in large numbers. The Baby Boom generation, originally 78 million people in America, is one of the largest demographic segments in the U.S. As a result, an estimated 10,000 Americans turn age 65 every day. The Baby Boom was not limited to the United States by any means. High rates of new household formation and high birth rates were common throughout much of the world in the post-war period, with a very significant effect on today’s growth in the senior segment of the population.

The real estate industry is quickly evolving to meet the needs and tastes of seniors who require increasingly specialized homes and services as they hit 80 years and older. Housing options that cater to aging homeowners include retirement communities (also referred to as “independent living”), continuing care (which provides a broad spectrum of living options from independent living to nursing homes), assisted living (which offers assistance in daily tasks such as shopping, cleaning, etc. but does not provide onsite medical care) and communities that provide medical care for specific conditions such as Alzheimer’s disease.

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