There are several reasons why people relocate later on in their lives.
Amenity-based moves are characteristic of recent retirees, married couples and more affluent, healthy, independent, and active adults. Amenity-based moves are usually driven by the desire to be near family or friends, have access to recreation and preferred climates, or to have newer or more appealing home styles or neighborhoods. While not all amenity-based relocations are toward 55+ communities, many younger seniors prefer to live in ares that have a similar demographic makeup.
Anticipatory relocations may also be referred to as “downsizing” or “rightsizing”. The goal of most anticipatory moves is to simplify life such that if the individual experiences a physical decline, loses a spouse, or decides to travel frequently, the home is not a burden. IN some cases the homeowner may choose to trade a two-story home for a one-story, a large acreage for a gated community, or an older less accessible home for a newer mobile friendly residence.
Those seniors over 80 years of age often choose to sell the current home and lease versus purchasing another property to become free from the burden of home maintenance. Some may choose to relocate to another single family residence, condo, or garden home, while others may elect a senior living community (ie. independent living, assisted living, or CCRC) that meets their current or future needs.
While the need-driven move is not specific to any particular age range, the 80+ senior adult (usually widowed) is the most frequent of the senior segment experiencing this type of move. Family members or other caregivers are often involved in both the decision-making process and the relocation. The primary factors influencing this type of move include:
1. Inability to maintain the home due to physical or cognitive decline.
2. Need for formal support with activities of daily living (ADLs) or independent activities of daily living (IADLs)
3. Need for formal support for a spouse experiencing cognitive or physical decline.
* Source Senior Real Estate Institute