Houston’s senior living industry is in the midst of a perfect storm thanks to a hot real estate market, booming job market, and high baby boomer population.
Aging boomers putting their homes up for sale are benefiting dually, reports the Houston Chronicle: homes are selling fast, and for high prices.
“Homes are selling quickly in some of the more popular areas around town,” says the article. “Homes in other areas are not staying on the market for more than three months in most cases. After their house sells, they begin shopping for a senior living community, only to find that many are at capacity or close to being full.”
Houston’s job market is hot as well, says the Chronicle, and it’s attracting more than 120 people to the city each day—including adult children. That has senior living implications, Pam Burgeson, director of sales at Eagle’s Trace, an Erickson senior living community in Houston, told the publication.
“We are seeing many people following their adult children to Houston, who come here for jobs. With all of the activity in Houston these days, we are 97 percent full, and on average we stay at around 95-96 percent full,” she said.
The nation’s 76 million baby boomers are more wealthy, healthy, and active than previous generations, and it’s anticipated they will expect a lot out of retirement living. This is spurring changes through senior living communities to revamp programs, update amenities, and renovate properties in order to meet those high expectations, says the Houston Chronicle.
High occupancy at many senior living communities as a result of the strong housing market is opening opportunities for new development.
“We are seeing a lot of growth in the number of senior living communities in and around Houston, with many different styles of living, price points, and a lot of variety to accommodate the growing number of senior citizens, mainly due to the baby boomers moving into retirement,” Burgeson told the Chronicle.
Eagle’s Trace is expanding, along with Brazos Towers at Bayou Manor, another local retirement community.
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Read more at the Houston Chronicle.
Written by Alyssa Gerace