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Well it is the greatest generation. So they pretty much get whatever they want. Social security, pension, cheap college education that meant something, cheap housing that exploded in value, a stock market that performed better than at any time in history....
It's not really the Greatest Generation. The Greatest Generation is WWII vets and we have few of those left. The elderly now are mostly the Silent Generation (Korean War) and some older Boomers.
My parents were in the Greatest Generation. The Baby Boom generation was born between 1946 and 1964 and they are looking to retire now. I am on the cusp between Boomers and Gen X. I identify more with Gen X culture than Boomer culture. My older sibs are Boomers.
Retirement and planning for old age is tough. My parents saved a LOT and were able to pay for their own care in their old age and still leave some to us kids when they passed on. They grew up in the Depression and lived through WWII (my dad was in the Navy) and although they did not have super lucrative careers (my dad was a salesman and my mom worked in a doctor's office and in the school system) they lived frugally, saved a lot, and invested some. They also had long term care health insurance which kicked in when my dad was in a nursing home the last 7 years of his life. I was able to sell their house when my mom moved into a retirement place up here and that paid for her downpayment to get in and much of her rent there.
Didn't Raleigh just approve redevelopment for the senior apartments downtown? That's not helping the situation. Hope Raleigh is taking the need seriously.
I know in Chapel Hill affordable housing is always a top priority for candidates, but it's not for builders. You have to make it be a priority for them by passing laws and ordinances requiring it. In Chapel Hill they are building Greenfield on some town owned land that will create permanently affordable rental housing including 69 rental units for seniors.
Turning an older hotel into senior housing sounds perfect! I just know I have had to move too many times since living in Raleigh due to high rent increases that I can't afford. Not sure what the profit margin is for places, but a deal gets you in and then each year the increase can get too much to afford. I choose not to purchase in my situation, which might keep costs down, but just not for me. Not asking for subsidized, just want a place that is considerate of seniors living on SS and rents that can get too much to handle. Seems to me a great idea to keep tenants for multiple years instead of constant turnover and flipping costs to the owner. Most baby boomers are very responsible, pay bills on time & take great care of another's property.
Turning an older hotel into senior housing sounds perfect! I just know I have had to move too many times since living in Raleigh due to high rent increases that I can't afford. Not sure what the profit margin is for places, but a deal gets you in and then each year the increase can get too much to afford. I choose not to purchase in my situation, which might keep costs down, but just not for me. Not asking for subsidized, just want a place that is considerate of seniors living on SS and rents that can get too much to handle. Seems to me a great idea to keep tenants for multiple years instead of constant turnover and flipping costs to the owner. Most baby boomers are very responsible, pay bills on time & take great care of another's property.
You'd need government interference for what you're suggesting. People don't build stuff like this out of the kindness of their hearts. It's all about how they can get market dollar and the only way is to get subsidized somehow.
And, that'd knock some seniors out of the running because they make too much in SS. It is a problem, no doubt, but it's very complex. If it wasn't, you'd see more of what you are suggesting.
I do think that buying is always the best option if you need a fixed payment (one should budget in a monthly amount to save for repairs and maintenance, of course). I know people don't like to own sometimes as they get older because they don't want to deal with those things, but if you don't own, you run the risk of your costs skyrocketing if the area where you live becomes more desirable.
There are some pretty good deals on condos in various parts of the Triangle where all a person would have is interior maintenance. If the mortgage, the HOA dues and a bit put aside for maintenance makes a condo affordable, then it's not at all a bad idea to look into those as an option.
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Turning an older hotel into senior housing sounds perfect! I just know I have had to move too many times since living in Raleigh due to high rent increases that I can't afford. Not sure what the profit margin is for places, but a deal gets you in and then each year the increase can get too much to afford. I choose not to purchase in my situation, which might keep costs down, but just not for me. Not asking for subsidized, just want a place that is considerate of seniors living on SS and rents that can get too much to handle. Seems to me a great idea to keep tenants for multiple years instead of constant turnover and flipping costs to the owner. Most baby boomers are very responsible, pay bills on time & take great care of another's property.
There were several of these in Phoenix. ALL subsidized housing for folks on SS or SSD. One room with kitchenette. I visited one professionally many years ago. Trust me it wasn't glamorous.
Many private landlords agree with you that renting to older folks is more likely to get them a good, reliable long term tenant. BUT age discrimination is illegal [except in certified 55+ communities], so it's risky for landlords to aim for that demographic. Many private LL's agree with you that keeping rent increases minimal is the best way to keep a good tenant and avoid turnover.
You're not going to find the nirvana you seek; however, looking for a private rental instead of corporate might be better. Or moving - Phoenix has places like you describe that may not be official 55+ but for all intents and purposes are 55+.
I know in Chapel Hill affordable housing is always a top priority for candidates, but it's not for builders. You have to make it be a priority for them by passing laws and ordinances requiring it. In Chapel Hill they are building Greenfield on some town owned land that will create permanently affordable rental housing including 69 rental units for seniors.
If the cost of the project is $9MM total for the 149 units, then that's extremely reasonable ($60K/unit).
The one they've talked about in Raleigh (may be Washington Terrace, may be something different) was going to cost multiples of that. We've got another recent discussion on affordable housing where I found some of the info.
Well, thank you all for your input. I will keep on keeping on to find my way.
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