Friday, December 3, 2021

Are Luxury Senior Homes Worth the Price?

The New York Times recently published an article about the market for and appeal of luxury senior homes, in Growing Old in High Style. The article features several high-end senior housing complexes.

There are

several luxury assisted-living homes that have sprung up in the last few years, especially in places like New York City with its many affluent retirees with upmarket tastes and cosmopolitan demands. .... These upscale retirement homes cater to the affluent end of the “the silver tsunami” — the coming wave of aging baby boomers who are still socially and culturally active, and who have become accustomed to a certain quality of life.

The vibe at these places is less dreary nursing home and more five-star wellness resort. 

The article notes the high cost of this type of housing, especially compared to ALFs.  One expert described these high-end housing options as "promoting “the idea of affinity rather than exclusivity” — that is, to live among like-minded people. And in cities like New York, the high cost of living and urban setting means that there is a large pool of highly educated, financially successful and culturally curious retirees who are seeking similar company."  The article discusses amenities, describing the services provided as giving the feel of luxury rather than an institution.

https://lawprofessors.typepad.com/elder_law/2021/12/are-luxury-senior-homes-worth-the-price.html

Consumer Information, Current Affairs, Health Care/Long Term Care, Housing, Retirement | Permalink

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