Luxury Senior Living
The increasingly popular trend of “luxury senior living” is the direct result of the large number of baby boomers driving the industry. This group of retiring adults is united in the desire to live in an environment reflective of the quality of life they have become accustomed to. Those with the means are more than willing to splurge.
“If [seniors] have a million or a couple million dollars in liquid assets, they have enough assets to pay for a very luxurious last few years of their life, and they want to enjoy the last few years.” –Senior Housing News, August 23, 2016 (for the full article, click here)
Luxury senior living isn’t just for convenience and splendor, either. It can actually make the most financial sense for seniors with the ability to afford it. This article on bankrate.com explains how this option can benefit seniors that choose to go the luxury living route, explaining that “Ninety percent of [the senior’s] entry fee is returned to the resident when he moves out or is returned to his estate when he dies. It’s a smart financial decision that preserves your asset base for your children, wrapped in a decision to live in a luxurious, carefree environment.”
So, what kinds of things are seniors looking for when it comes to luxury senior living? They want quality service and expect concierge level treatment. They want fine dining and resort style service. And they want their hobbies and interests represented in their surrounding community.
Senior living communities have been evolving to keep up with demands of baby boomers that are looking for senior specific housing. This has led to a rise in niche senior living options looking to cater to specific crowds and overcome negative stereotypes of sterile nursing homes and hospital-like living conditions. Baby boomers have changed the face of senior housing and what retirement looks like. Click here if you’d like to learn more about ESCO’s CareConnect program and how it can help boost the “luxury” level of your retirement community.