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There are a few more issues to consider with the 55+ communities in new jersey. For a state that already pays a lot for taxes, these communities are very attractive to their targets and visually pleasing for other members of the town, which allows property values to rise. I have seen on more than one occasion where town legislators have been embarrassed in hindsight of approving a new project in their town, like apartment complexes (not to say they are bad overall, of course). Also, its an emerging business considering people are living longer on average. Also keep in mind that the baby boomers, overall, were an independent yet revolutionary generation in America, so the idea of assisted living is something that turns them off. But, a giant, enclosed, new looking neighborhood with all sorts of services and amenities available is much more attractive. That's why this works, and increased values on other houses are why towns agree to it.
You don't think it has anything to do with the fact that towns can meet their low income housing obligation through 55+ communities? Personally, I think that is the biggest reason why towns go this route, especially in growing areas. You can accept low income seniors and satisfy the need versus accepting low income families.
Just about every new development in my area contains zero low income housing as they are all built in conjunction with or alongside 55+ communities that satisfy the requirement. They pretty much go up in concert; one luxury single family, one mixed of middle income single family and townhomes, one 55+ with a large percentage of low income senior housing.
Hi. So Ive been searching for a house to purchase and I'm constantly coming across 55+ communities. It seems like the only new houses they are building are for these communities and even the older homes I find interest in are also in these communities. Im searching within a 30mi radius around McGuire afb.
I am in my late 20s and I do not want a town home or condo I'm looking specifically for a house. Any suggestions or comments on this?
Same thing happened to me when I was searching online last year, and I finally realized it was that if the price is too good to be true, it's a 55+ community. You may have to up your minimum price range a bit to get clear those out.
????? places like leisure village and other places in south jersey are cheap by pretty much any standard. <$100K.
My sister just bought one (co-op) at Rossmoor in Monroe for around $79K. 2 BR, 2 Bath, gated, has a pool, golf, etc. There are also condos there, but they wanted something they could pay cash for and then just have the maintenance and taxes to worry about. They aren't concerned about resale value--my BIL said, "At least I never have to worry about moving again--the next move is the cemetery."
He is retired, but my sister is still working and probably will be for some years. Taxes are $2000 and change.
She's very happy there--it isn't for me (I've got a couple of years to hit 55 anyway), but where I live there are kids on bicycles and skateboards outside, and that's kind of nice. I don't think I'd want to live where everyone is over 55, but some people do.
My sister just bought one (co-op) at Rossmoor in Monroe for around $79K. 2 BR, 2 Bath, gated, has a pool, golf, etc. There are also condos there, but they wanted something they could pay cash for and then just have the maintenance and taxes to worry about. They aren't concerned about resale value--my BIL said, "At least I never have to worry about moving again--the next move is the cemetery."
He is retired, but my sister is still working and probably will be for some years. Taxes are $2000 and change.
She's very happy there--it isn't for me (I've got a couple of years to hit 55 anyway), but where I live there are kids on bicycles and skateboards outside, and that's kind of nice. I don't think I'd want to live where everyone is over 55, but some people do.
Monroe for $79K? Wow - I realize it's a co-op but that still seems like a good deal.
I mean, that's not a bad deal, especially if you're around family - it's a literally small price to pay. And if you pay cash, the family doesn't have to worry about ponying up money if they happen to be underwater.
I have to laugh when you say it's not for you because you like to being around kids - when my mom moved to one of these communities - I was 19!!!! Livin' with the old people! LOL So not everyone is over 55, but I get what you mean.
I say now it's not for me, but honestly, if buying one of these frees up some retirement bucks so I can travel...well, it may be worth it!
Monroe for $79K? Wow - I realize it's a co-op but that still seems like a good deal.
I mean, that's not a bad deal, especially if you're around family - it's a literally small price to pay. And if you pay cash, the family doesn't have to worry about ponying up money if they happen to be underwater.
I have to laugh when you say it's not for you because you like to being around kids - when my mom moved to one of these communities - I was 19!!!! Livin' with the old people! LOL So not everyone is over 55, but I get what you mean.
I say now it's not for me, but honestly, if buying one of these frees up some retirement bucks so I can travel...well, it may be worth it!
You can actually pick up ranch style, semi attached, condos for around 100k now in Monroe. I wish I was age eligible - they're nice!
Monroe for $79K? Wow - I realize it's a co-op but that still seems like a good deal.
I mean, that's not a bad deal, especially if you're around family - it's a literally small price to pay. And if you pay cash, the family doesn't have to worry about ponying up money if they happen to be underwater.
I have to laugh when you say it's not for you because you like to being around kids - when my mom moved to one of these communities - I was 19!!!! Livin' with the old people! LOL So not everyone is over 55, but I get what you mean.
I say now it's not for me, but honestly, if buying one of these frees up some retirement bucks so I can travel...well, it may be worth it!
And they let you live there? My niece is 22, and my sister told her she'd have to find her own place (she'd moved in with a boyfriend, broke up, and was looking to move back home with mom and dad). There is a two-month limit on allowing someone under 48 to stay there with you (one of the people who lives in a unit has to be 55+, the others can be as young as 48).
They did get a good deal. I mean, the kitchen appliances are 1970's Harvest Gold, but the place is in pretty good shape. The previous owner had died and his son lives out of state and was desperate to get rid of it.
I'm "only" 52, but I live in a small condo, one story, no one over me or under me, have a little fenced-in garden area out back. No front steps. I can get old and decrepit where I am!
I dont get this either, i mean who wants to retire in NEW JERSEY? You stay in NJ and pay the ridiculus high cost of living because of job, schools for the kids, etc.. without much lifestyle benefits. Once you retire why do you want to continue living here and paying those ridiculus cost when you could be in one of thousands other places with much better communities and cheaper cost.
I dont get this either, i mean who wants to retire in NEW JERSEY? You stay in NJ and pay the ridiculus high cost of living because of job, schools for the kids, etc.. without much lifestyle benefits. Once you retire why do you want to continue living here and paying those ridiculus cost when you could be in one of thousands other places with much better communities and cheaper cost.
mind...boggles.
I guess it depends on what you want out of your retirement - most people end up staying in the area because this is the area that they know and are comfortable with not to mention they have friends and family locally. Nothing worse than moving somewhere else b/c of lower costs etc. and have no one to share it with.
~joey
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