Posts Tagged ‘Seniors’

Older Americans Provide Strong Support to U.S. Housing Market

December 30th, 2014 Comments off

senior-couple-select-group-re=credit-posted-daily-business-news-mhpronews-com-Studies show that older Americans in the 65 to 74 age group have the highest percentage of home ownership. This has provided valuable support to the American housing market in the last several years and is important for factory-built housing sellers too.

If studies like the one done by Foremost Insurance on manufactured housing (MH) are any indicators, it has long been a key demographic group for the factory built home industry.

Seniors will be equally important to home sales  or more so in the future too.

According to Bloomberg News, “Older homeowners have been the pillar of the housing market following the collapse in 2008. The homeownership rate for Americans age 65 and over has remained at 80 percent while dropping for every other age group.”

Bloomberg also explains to MHProNews  that the reason for this seems to be that most seniors have less or no mortgage debt compared to younger homeowners.  They also have more wealth than they had four years ago, and longer lifespans than a generation ago. This combination of factors has resulted in many seniors being able to stay in the housing market.

Other reasons are that people in this group were less likely to experience a job loss since many were retired, and they were also positioned to reap gains in the rising stock and bond markets. The median net worth for those 65 to 74 increased 5 percent to $232,100, the biggest gain for any age group, from 2010 to 2013, according to the Federal Reserve’s Survey of Consumer Finances.

Because home prices have increased 21 percent since 2012, more older Americans are able to sell and buy another home.

Data from the National Association of Realtors shows that the largest segment of home buyers in 2014 was the 65-to 74-year-old group.

While some older homeowners like Bill Braswell are staying put in their present homes, others are opting to downsize and possibly move to a warmer climate. Braswell plans to stay in his 4-bedroom Tudor home in Virginia, although he could sell it for 10 times what he paid for it in 1980.

Others like Michael Jay, a New England radiologist who retired this year at age 64, traded heating bills and Massachusetts state income taxes for a three-bedroom house on a Florida golf course. He also liked the fact that Florida has no state income tax.

In addition to the sale of pre-owned homes, the new home market is also benefiting from sales made to older Americans who have had decades to build wealth and credit histories. They are helping to prop up new home sales while younger people have been putting off homeownership, a trend some believe will change starting in 2015.

Everybody’s best-selling projects are those catering to older buyers, John Burns, a housing consultant based in Irvine, California, said. “It’s really going to happen all across the country.”

Such facts spell opportunities for MH professionals, because over 10,000 boomers are retiring daily. ##

Related OpEd, Here comes the Senior Tsunami

(Photo Credit: SelectGroupRE)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Seniors facing crisis, states the Economist and Senior Housing…but what about MH?

December 3rd, 2014 Comments off

seniors-credit-expat-posted-daily-business-news-mhpronews-The nation’s faced many up and downs with the financial and economic crisis. Seniors are facing their own. Higher costs of living on a modest Social Security payment has forced many to plan sooner and add more to their retirement. Seniors are being forced to retire later compared to ten years ago. Senior Housing News tells MHProNews that a number of economic factors have stacked the odds against the abilities of today’s seniors to retire comfortably and successfully.

But there is a potential bright option for seniors with manufactured housing (MH). MH and Manufactured Home Communities (MHCs), such as those that Steve Adler led Murex Properties operates, have made it affordable and easier.

But how many seniors realize how beneficial the MH option might be?

As seniors plan for retirement the possibility of a failing economy and higher taxes has raised many questions, and for some, panic. The Economist  tells MHProNews  that the tax system also weighs more heavily on retired workers: in 1985 only 10% of Social Security recipients were taxed; now it is 37%. Medicare premiums are also rising.

Paul Bradley, president of ROC USA, tells MHProNews that a recent report by the Harvard Joint Center for Housing Studies says: Support services of the sort that some MHCs do deliver are too rare. We see informal support services — ride shares, home repairs, checking in, and snow removal — in many of the 55+ plus resident-owned communities with which we work.”

Neither the Economist and nor Senior Housing noted the MH option in their respective reports. Does this point to the need for what the new Chairman of the National Communities Council (NCC) says in his interview with MHProNews is needed by the Industry? Namely, a public PR campaign?

With over 10,000 seniors retiring daily, one out of ten buying a new manufactured home would boost MH sales by over 365,000 a year. When the MH industry is currently shipping is under 19% of that number.

See the exclusive Steve Adler interview at the link above or here. ##

(Photo Credit: Expat Living)

joseine-josie-thompson-writer-daily-business-news-mhpronews-com50x50-Article submitted by Josie Thompson to – Daily Business News – MHProNews

Bill Establishing Manufactured Housing Task Force Filed

February 24th, 2014 Comments off

Following up on an article published Feb. 18 regarding the possible closure of the Applewood Park manufactured housing community (MHC) in Midvale, Utah, state representative Tim Cosgrove (D-Murray) has introduced HB 108 that would establish a task force to identify issues dealing with manufactured home ownership. Noting 10,000 seniors retire every day, he says manufactured homes could be part of the solution for affordable housing for retirees, according to Cosgrove also says no new MHCs have opened along the Wasatch Front–the north central part of Utah concentrated around Salt Lake City where some 80 percent of the state’s citizens live—in 20 years, and he wants to open a dialogue consisting of home owners and community owners.

Rick Bills, owner of American Heritage Retirement Community, an MHC in West Valley, favors the task force but says the measure introduced by Cosgrove is lopsided in favor of residents. “We’re actually in favor of a task force,” he said. “We just want to make sure it’s balanced.” ##

(Photo credit: MHVillage–Mountain View Community)

Seniors Joining Millennials in Ranks or those Living with Relatives

November 24th, 2013 Comments off

While the percentage of Millennials (ages 18-31) moving back with their parents rose from 34 percent in 2009 to 36 percent in 2012, as MHProNews reported Aug. 6, 2013, reports multi-generational living is going in another direction as well: The number of seniors living with their children and other relatives is also on the rise, although it depends upon the native origins of the seniors. According to HousingWire, 25 percent of foreign-born seniors live with family members as compared to only six percent of those native-born. But it depends upon the country of birth. Seniors from India, Vietnam and Haiti rank the highest in terms of the likelihood of multi-generational households.

(Photo credit: Department of Housing and Urban Development)

Modular Cottages Going up for Seniors

August 15th, 2013 Comments off

The city of Saco in southern Maine near the Atlantic Ocean is partnering with the Biddeford Housing Authority to develop modular homes on a donated three acre parcel of land for seniors who are seeking to downsize. Because the land has an industrial past going back to the 19th Century, the city received $200,000 from the Environmental Protection Agency (EPA) to clean the brownfield site and make it suitable for housing. With a price tag of $140,000, the homes would be marketed to over-55 seniors seeking affordable housing who cannot afford to move out of their current homes. As keepmecurrent reports, the development is in its early stages and plans have yet to be submitted to the Saco Planning Board. The single-family homes would be individually owned and the land would be common land. MHProNews has learned the goal is for each modular cottage to be pre-sold prior to the actual development to keep the costs low.

(Image credit: keepmecurrent/images)

Council Calls for more Manufactured Housing Communities

July 29th, 2013 Comments off

City councilors in Campbell River, British Columbia, Canada are encouraging the creation of manufactured housing communities and have set up a study to identify properties that might be developed as a viable and affordable housing option. Prompted by petitioners who are being forced out of communities where owners are seeking to redevelop the land, the city’s Official Community Plan (OCP) wants to keep the communities in the city where seniors and young people can take advantage of lower cost housing, and out of rural areas. Councilor Andy Adams says, “We certainly recognize that there is a very valuable and important need of manufactured home facilities in our community, and also recognizing the number that are being displaced, particularly over the last couple of years, and more pending.” As courierislander tells MHProNews, planning services manager Paul Stanton, noting the ill will associated with the poor quality factory-built homes of the 1950′ and 1960s, says, “Campbell River still has a few of those homes in existence that no doubt have outlived their usefulness. (But) the standards have changed dramatically. They don’t carry the same stigma they used to carry 30 and 40 years ago.”

(Photo credit: castanet–Sunrise Village MHC, British Columbia, Canada)

Seniors Served by Modular Units Adjacent to Adult Child’s Home

July 24th, 2013 Comments off

In addition to 55 plus housing for seniors and continuing-care communities, another option that offers financial and supportive care benefits is a modular unit that can be placed adjacent to an adult child’s home. These temporary Accessory Dwelling Units (ADUs) allow seniors to be independent yet safe and close to family members, and can be outfitted with medical technology that monitors resident behavior and health. From ldnews in Lebanon, Penn., MHProNews has learned the Age Wave Initiative of Lebanon County is a consortium of professionals from business, health care, government and aging services who are attempting to address the needs of the Baby Boomer generation.

(Photo credit: n2care–Med Cottage)

City Council Votes to Refuse Conversion

July 22nd, 2013 Comments off

The Costa Mesa (Calif.) City Council voted 4-0 to deny changing the Rolling Homes manufactured housing community from general commercial to high-density residential for the development of a 208-unit apartment complex. An amendment to the city’s General Plan would be needed to change the 55-site community of seniors, who said they were never notified by anyone of plans to possibly close the community. Pat Helgeson, a representative for would-be developer Province Group, says the community’s land is in escrow and will be sold. He notes the property is currently worth $478,000, but says with the apartment complex the value would be $50 million. As dailypilot informs MHProNews, Costa Mesa Mayor Jim Righeimer says the city cannot force Rolling Homes to close, and that conversion is a “long, arduous process.”

(Photo credit: Sunny Oaks Community)

Harvard’s Housing Study: Affordable Senior Housing may be Scarce

June 28th, 2013 Comments off

Although the aging-in-place movement for seniors is very strong, an estimated 16 million senior households will be relocating within the next decade, while the number of 65-and-older households is estimated to increase by 9.8 million in the same time span. “Most of these households will opt to age in place and may therefore need to modify their homes to accommodate their changing needs. But a large number will look for different housing opportunities, creating demand for new types of units in communities where they currently live as well as in the areas that traditionally attract retirees,” according to the Joint Center for Housing Studies of Harvard University. Their State of the Nation’s Housing report for 2013 says home modification, transportation networks and other supportive services will also have to be reconfigured to meet the needs of aging seniors. As MHProNews has learned from seniorhousingnews, many seniors are entering retirement with little savings, which may make it challenging to find suitable housing. The report concludes, “Expanding the range of housing options available to the country’s growing senior population will require concerted efforts from both the public and private sectors.”

(Photo credit: masterfile)

Twelfth Graders get Hands-on Experience

June 6th, 2013 Comments off

MHProNews has learned from buffalonews students at Erie 1 BOCES’ Harkness Career and Technical Center in Cheektowaga, just east of Buffalo, NY, have completed a 1,200 square foot modular home that will be auctioned off Fri., June 7. “If you see this house, you would be surprised that twenty 17-year-old boys built it,” said Chris Burgio, the building trades teacher at Harkness. A second modular home, 1,300 square feet, is being completed at BOCES’ Potter Career and Technical Center in West Seneca and will also go on the auction block. Both homes have three bedrooms and two baths. A $30,000 grant in 1998 from the Margaret L. Wendt Foundation kicked off the program leading to the subsequent building of 17 homes total between the two programs. Built by seniors, the modular houses have sold from $32,000 to $59,000 with the proceeds returning to the schools for next years’ projects.

(Photo credit: Oliver Jenkins/fosterdemocrat–Somersworth, NH student-built modular home)