“Aging in Place” is the both the desire and mantra for many senior homeowners. And new technologies are making it possible to age in place for those wanting to remain in their homes near their family and friends.
However, this aging in place desire is threatening one of commercial real estate’s biggest bets…that aging Boomer will leave their homes for senior housing facilities. In the last five years alone, investors have wagered billions of dollars on facilities that provide, housing, food services, medical care and assistance living for 72M people born between 1946-1964 in hopes that these one in five aging people will move. This bet could be one of the most costly real estate miscalculations in recent housing market history.
As stated up top, new technologies are enabling seniors to age in place. Tech experts are expecting $1B from new venture capital sources in this year alone to spur tech products and services to help seniors navigate their lives in their existing homes. Sensors that respond to medical conditions, facial recognition and houses with malleable fixtures are adjustable and adaptable to people’s changing needs as they age.
Thanks to MansionGlobal’s Peter Grant for source data and timandjulieharris.com
Posted on December 5, 2019 at 3:52 pm