You have often heard us say that there is no one-size-fits-all recipe for retirement. Not everyone wants to (or can afford to) age in place. Not every retiree is ready for a senior or assisted living community. Not every senior is aware that there is an option between selling your home and moving into a multi-family community – but alas, we all can learn! Realtor.com recently published an article titled “The Hottest Rentals Are Single-Family Homes, and Boomers Are Snapping Them Up”. This read summarizes just one more option that is appealing to empty nesters, and why!
Single-family rental communities are attracting Baby Boomers who wish to sell, but who feel pushed out of the market by sky-high housing prices. Typically, these neighborhoods are master-planned communities consisting of 1-3 bedroom detached, single family homes. These rental properties also offer a simpler life via a smaller home and lot, a newly built and amenity-filled residence and the benefits of on-site maintenance! Many of such newly built developments also offer features such as pools, dog parks, communal open areas and attractive landscaping. It’s oft-considered the best of both worlds – the amenities of apartment living with the desirable privacy of single-family style life (and no noisy neighbors upstairs or sharing walls). In addition, the rental lifestyle is more conducive for retirees who wish to travel and spend more time creating experiences than performing home maintenance.
The downside… you are unlikely to see any of such communities in the Bay Area. Most of these developments are popping up in bedroom communities where there is enough land to build an entire neighborhood (100-250 homes on average). Predominant areas include: the suburbs of the Southern states ranging from Arizona through Texas and into Florida and the Carolinas. These regions offer more affordably priced land which enables builders to construct homes that will turn a profit without the sky-high rents that could defer residents.
Would you consider a single-family rental option in a newer, affordable community as you age? Could selling and moving to one of these master planned communities be a viable option for Boomers wishing to downsize? I’d love to hear your thoughts!
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/