1. 2 -1  Market geography  Housing options  Age-restricted communities  Housing for Older Persons Act (HOPA)  Second homes  Promoting your market area  Balancing community pros and cons In this chapter

2. 2 -2 Market Geography More than half 65+ population lives in nine states  California, Florida, New York, Texas, Pennsylvania, Ohio, Illinois, Michigan, New Jersey  California, Florida, and Texas = 29% total increase in senior populations  Most live in metro areas

3. 2 -3  Trend to stay close to home  Future distribution of senior population will be in proportion to where Baby Boomers and their parents now live Market Geography

4. 2 -4  Portland, OR  Seattle, WA  San Francisco, CA  Pittsburgh, PA  Milwaukee, WI  Philadelphia, PA  New York, NY  Boston, MA  Cincinnati, OH  Chicago, IL Banker’s Life Co. Top 10 Locations for Seniors

5. 2 -5  Terminology for types of housing can differ from place to place House-o-minium? Condo-cabana? Terminology Is Local

6. 2 -6  Active Lifestyles  Independent Living  Assisted Living  Continuing Care  Care Facilities Housing Options

7. 2 -7  Age restricted  Range of services, social events, amenities, and activities Active-Adult Communities

8. 2 -8  Top 3 of 10 amenities: 1. walking and jogging trails 2. outdoor spaces 3. public transportation  Amenities enhance value even if residents do not use them Desired Amenities

9. 2 -9  Single-family homes  Attached homes, duplexes, townhomes  Condominiums, house-o-miniums  Manufactured and mobile homes  Cluster housing  Subdivisions  Cruise-ship condominiums  “Try-before-you-buy” option Active-Adult Housing Options

10. 2 -10  Residents design the community  Design encourages a sense of community  Common facilities designed for daily use  Residents manage the community  Decision-making by consensus  Community & services not a source of income Elder Cohousing

11. 2 -11  Men Age 55-64 are least-fun years Age 65 most say they about same Less likely to pretend enjoyment  Women Having more fun until age 65 Less inclined to pretend fun  What would men and women rather be doing? Good deeds. Are We Having Fun?

12. 2 -12  Remaining in the current residence  Staying in the community, but in a different residence  Relocating for the last time Aging in Place

13. 2 -13  Most lock in their housing choice for aging in place by age 60  Security, privacy, independence When and Where?

14. 2 -14  Awarded by the National Association ofHome Builders  Specialists in adaptive modifications of homes for aging in place  www.nahb.org Certified Aging-in-Place Specialist (CAPS)

15. 2 -15  20% of seniors are renters  Apartments are small and easy to maintain  Seniors can socialize with comfort, safety, and security  No medial or custodial care provided  Long waiting list for low-income housing Seniors-Only Apartments

16. 2 -16  Program of All-Inclusive Care for the Elderly  Coordinated care and services  Better for seniors to be served in the community  Nursing home needs certified, but few seniors live in nursing home  www.npaonline.org PACE

17. 2 -17  Elder Cottage Housing Opportunity  Granny flat, mother-in-law flat, or accessory unit  Site-built and attached to the main home  Separate entrance  Enhances the value of the main home ECHO

18. 2 -18  Sharing a home with a roommate  Strategy for aging in place  Organizations help with match up Shared Housing

19. 2 -19  Private apartments  Independent living with privacy, supervision 24/7  Common social areas and communal meals  No medical care Congregate Living

20. 2 -20  Fills in the gap when the caregiver must work during the day or needs a respite  Offers supervision, often a noon meal, social and education activities, and support groups Senior Day Care

21. 2 -21  May be offered by congregate, assisted living, and continuing care retirement communities  Can provide vacations and care giver respite  Try out as a possibility Short-Term Stays

22. 2 -22  Intermediate step between independent living and care facilities  Assistance with daily activities  For those who cannot live on their own, are ambulatory, but do not need nursing care  Medicare does not cover cost Assisted Living

23. 2 -23  Increasing levels of care at one location as residents’ needs change  Provides security of being taken care of through stages of aging  Residents can maintain friendships  Large buy-in fee, annuity purchase, monthly fees  Not for the budget conscious Continuing Care

24. 2 -24  Caring for the frail elderly who have chronic functional impairment  Assistance in one or more of the activities of daily living (ADL): bathing, toileting, dressing, grooming, eating, and transferring, such as moving from bed to chair Elder Care

25. 2 -25  Residential care facilities for the elderly  More independence than a nursing home  Assistance with ADL, but no medical care  One basic price for a package of services with added fees for additional services, or deductions for services not used RCFE

26. 2 -26  Simple small assisted living facilities  Personal and custodial care  Converted private homes, unofficial  4 to 10 residents  Also known as foster care, group homes, and domiciliary homes Board and Care

27. 2 -27  Personal care and medical care around the clock  Short-term residents who are recovering  Long-term residents who cannot care for themselves Nursing Homes

28. 2 -28  Allows caretakers occasional time off to recoup emotionally, handle other family responsibilities  Alternative is short-term stay in an assisted-living facility Respite Care

29. 2 -29  Specialize in care of patients with dementia  Caring for patient at home means families need to think about: Security and safety of environment Day care facility availability Interaction and recreation opportunities Alzheimer's Care Facilities

30. 2 -30  Different state agencies regulate different types of facilities  No standard definitions  Two different “retirement centers” or “assisted-living” facilities within the same state may not be licensed by the same agency Facility Regulation

31. 2 -31  Seniors can make friends with people of the same age  Use of facilities  Peaceful atmosphere Why Age-Restricted Communities?

32. 2 -32  Not the responsibility of the REALTOR  to verify age or eligibility  Clients must be informed that they will be expected to meet the age restrictions Verifying Age

33. 2 -33 Two Levels of age restriction: 1.80% of the units occupied by at least one person age 55 or older per unit 2.100% of the units occupied by person age 62 or older HOPA

34. 2 -34  Must publish and adhere to policies and procedures that show intent to provide housing for these age groups  Must verify resident age through reliable surveys or affidavits HOPA Requirements

35. 2 -35  Prevent loss of exemption when surviving spouse or heir occupies the unit  Occupants are counted, not the owners  Occupant may be absent for a time  Healthcare workers or family caregivers are not counted 80/20

36. 2 -36  Use of the property may change as owners progress through life stages  One in four vacation-home owners intend to use the property as a primary residence after retirement Second Homes, Future Retirement?

37. 2 -37  Use rental income to offset as much of mortgage and expense  Sell primary home and refurbish rental home  Sell both homes and purchase new home Converting Rental to Retirement

38. 2 -38  What picture do the data present?  How does it compare to the buyers you encounter most frequently in your market? Typical Second Home Buyer

39. 2 -39  Help buyers evaluate and balance the pros and cons Promoting Your Market Area

40. 2 -40  Medical  Market  Transportation  Community & Activities  Fitness  Climate  Services  Senior and Aging Services  Property Features Checklist for Promoting Your Market Area

41. 2 -41  Most important factor in choosing retirement location  Be prepared with information on cost of living factors Cost of Living

42. 2 -42  AARP 10-point quiz  How would your grade your community?  Go to www.aarp.org How Liveable Is Your Community?