The Different Types of Neighborhoods for Seniors
The Different Types of Neighborhoods for Seniors
After years of living in suburban neighborhoods as they pursued careers and raised families, many seniors become interested in selling their homes and downsizing, moving to a community geared towards seniors, or both. Leaving behind a home with many good memories isn’t necessarily easy for them, but they become excited as they look ahead.
When a senior decides to sell their home and move into a new community, they begin to explore their options and consider the type of home they want. There are many questions to be answered: Individual residence or condo? One floor or two? Standard size yard or no yard? Two-car garage or one car?
An experienced, professional real estate agent/broker can be instrumental in helping seniors make those decisions. They are tuned in to the market from a buyer's and seller's viewpoint. They know pricing trends, financing options, and much more.
Another area they can assist with is helping seniors decide which type of neighborhood they want to live in. With the aging of the Baby Boomers (10,000 of them turn 65 every day), many different types of properties are becoming available since so many Boomers want to “right-size” to a home with lesser square footage while still maintaining an active lifestyle.
Three Types of Neighborhoods to Consider
While there are hundreds of neighborhoods to choose from, there are three primary types to consider: 55+ neighborhoods, condominiums (urban or suburban neighborhood), or a smaller home in a traditional suburban neighborhood. Let’s look at each and its pros and cons.
NTREIS data last updated July 7, 2022.
Senior Community (55+)
Sometimes referred to as “active adult communities,” “retirement communities,” or “senior living communities,” this has fast become the preferred mode of living for seniors that desire an active lifestyle.
55+ communities can contain only one neighborhood, or several, depending on the size of the community. They require at least one resident in a home to be age 55 or older. These low-maintenance locales are designed for active older adults who can still care for themselves.
Residences range from single-and multi-family homes to condos, apartments, and townhomes. They’re typically conveniently located near shops, restaurants, parks, healthcare providers and facilities, and other attractions.
Amenities: often include a pool, golf course, tennis courts, clubhouse, fitness center, and games like Bocce Ball and Pickleball.
Group activities: can include classes, clubs, activities, and volunteer groups.
Live amongst peers: easy to make friends and socialize together.
Safety and security: most are gated and secluded with low crime rates.
Low maintenance: HOA takes care of everything except resident’s interior maintenance/daily upkeep.
Lack of age diversity: this can be challenging for seniors who are used to interacting with people of all ages in their neighborhood.
Rules and regulations: HOA enforces the numerous rules and regulations of the community.
Can be harder to sell: market shrinks to those over 55
Some seniors want to live in something other than a single-family home as they get older, and gravitate towards a condominium (condo).
Low maintenance: no mowing grass or shoveling snow, provides more time for activities.
Security: many condos offer gated or locked entries, doorkeepers, or security professionals.
Amenities: pools, fitness centers, game nights, socials, and more.
Affordability: typically priced lower than a single-family home, great for seniors on a tighter budget.
Proximity to city life: for seniors looking to live close to a vibrant downtown area, urban condos are perfect for enjoying dining, entertainment, cultural events, and much more.
HOA fees: depending on the unit and neighborhood, they can be steep, and rates can rise steadily.
Less privacy: condo living is much like apartment living: neighbors on all sides, people going up and down the hall – not as private as a single-family home.
Difficulty selling: not everyone wants to live in a condo or pay HOA fees. Also, if there are empty units in the building, they will likely sell first.
Smaller Home In a Traditional Neighborhood
Many seniors are empty-nesters and have no need for 4+ bedrooms and 3 bathrooms. Downsizing suits them just fine; sometimes they even want to stay in the same neighborhood.
Smaller Home Pros
Less house to maintain: lower square footage equates to less space to clean and maintain.
Privacy: nobody above or below, typically just detached or two-single family homes next door.
Familiar with neighborhood living: seniors don’t have to adjust to a whole new lifestyle. Less stressful.
Easier to sell: bigger market than 55+ neighborhoods and condos
Smaller Home Cons
Maintenance and upkeep: very few traditional neighborhoods have HOAs to maintain the property, which can be physically difficult for seniors. It can be costly.
Isolation: neighbors in traditional neighborhoods aren’t a social as they once were; seniors can feel alone at home.
Mortgage and tax payment: mortgage and property tax payments can be higher than some condos and 55+ communities.
Meet David Pannell
The big benefit for seniors working with David Pannell and Cities Real Estate is that he is an expert in all three types of senior neighborhoods. With 15 years of experience helping people of all ages buy and sell homes, he understands senior's unique needs and has an impeccable track record of helping them sell an existing home and/or find a new dream home.
David served in the United States Marine Corps and was a City of Arlington police officer; he’s a realtor you can trust. Call David today at (817) 797-9047 and consult with him about your Fort Worth/Tarrant County real estate needs.