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player ready...In 1990, with the exception of Cook County, no more than 21 percent of Chicago-area residents were 50 or older. In Cook County, it was 26 percent, according to the Census.
Back then, the first members of the baby boom generation hadn’t celebrated their 50th birthday. Those birthdays started in 1996. And here’s what it meant: By 2010, 27 to 32 percent of people living in the seven-county Chicago area were 50 and older.
In the years to come, where and how well are they going to live?
That question, particularly for 50- to 64-year-olds who have more debt, are less likely to own their homes and have saved less for retirement than previous generations, rings alarm bells among researchers like those at the Joint Center for Housing Studies of Harvard University. Last week, the center and the AARP Foundation published a report that added to the growing body of work concluding that the United States is woefully unprepared to meet the housing needs of its older residents.
There are indeed some big, scary statistics to consider. In 2012, one-third of adults over 50 — that’s almost 20 million households — were cost-burdened, meaning more than 30 percent of their incomes went toward housing costs. And among homeowners over 50 in 2010, 73 percent of them still had mortgages to pay off, up 12 percentage points from 1992.
And then there’s this finding that shows just one of the difficulties ahead: Most older homeowners want to remain in their own homes, but more than 40 percent of those homes have, at most, one feature like lever-style faucet handles or no-step entries that would benefit aging occupants.
“People say they want to age in place, that they like their communities and their homes,” said Jennifer Molinsky, a lead research associate on the study. “Some people say that’s because they can’t afford to move anywhere else.
“If we had more options for people, and if people were aware of them, would their preferences change?”
Developing those options is coming in fits and starts, but what the center and AARP call for is a more holistic approach that takes into account housing options and affordability as well as giving seniors transportation, shopping and supportive services.
“It’s happening here and there,” Molinsky said. “One thing I’ve come to realize is when you’re planning like this, you need action from so many departments. You really need some leadership on it.”
More communities are starting to address different facets of the issue. New York started Age-Friendly NYC in 2007 to address the needs of a growing older population.
Closer to home, Bolingbrook has had a visitability ordinance on its books since June 2003 that requires new single-family detached homes and town homes to comply with strict universal design principles that make them accessible. Almost 3,900 homes, ranging from starter homes to luxury residences, have been constructed since the ordinance took effect. Austin, Texas, will require similar standards next year.
In Mokena, ground broke last month on Clarendale of Mokena, a $31.7 million, 156-unit rental community that developer Ryan Cos. expects to open in the fall of 2015. It will include independent living apartments as well as assisted-living and memory-care units. A bistro and fitness center will be among the on-site facilities, and the development is near shopping and the Old Plank Road Trail, a paved rail-trail.
Ryan’s project is a good start but by no means satisfies the local demand for senior housing that Mayor Frank Fleischer sees on the horizon. He hopes to see more affordable housing options for seniors as well as cottage-style detached homes for seniors like himself, age 64, who aren’t ready to move from a free-standing home to multifamily housing.
“If you look at the baby boomers, this hasn’t even peaked yet,” Fleischer said. “This will be going on until 2030. This is just the beginning.”
Coldwell Banker adds agents. The brokerage affiliation of almost 100 Chicago-area real estate agents has changed after the closing last month of Realogy Holding Corp.’s acquisition of ZipRealty Inc.
The 96 agents will join Coldwell Banker Residential Brokerage’s 48 offices in the Chicago area, southeast Wisconsin, northwest Indiana and southwest Michigan. Coldwell Banker is one of Realogy’s brands.
Twitter @mepodmolik
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