Why is over 55 housing so important to our economy?

What is over 55 housing?

Often called retirement or sheltered housing, communities with accommodation specifically for older residents are labelled “over 55 housing”.

Despite the age of retirement currently at 66, this type of housing is indeed available to those still yet to retire. It is also attractive to those wanting to live in a community amongst others of similar age.

Often purpose-built flats, housing for older people is frequently combined with tailored support services and communal facilities. This way, retirement communities bridge the gap between traditional retirement housing and care homes.

What are the benefits of Over 55 housing?

There are benefits both to individuals living within an over 55s community and the wider economy.

As residents are similar in age, individuals can feel secure; there is often round-the-clock support on hand in case of emergencies. With communal areas available for socialising and community events, community members can meet new people – maintaining independence, continuing to contribute actively within the community and helping alleviate feelings of loneliness.

According to a 2021 report commissioned by Homes for Later Living, more specialist housing communities for over 55s would… “create more local economic value and more local jobs than any other type of residential development”.

So why is over 55 housing so important to our economy?

The report also states that with many retirement communities being purpose-built, the initial build itself would generate at least 85 temporary construction jobs and has the potential to support more than three local retail jobs!

Of course, the size of the retirement population allows for meeting a variety of needs. Larger dwellings allow for amenities and facilities other than those focused on care purposes. The provision of Newsagents, Butchers, Cafes and other retail outlets not only boosts the local economy but encourages locations to be thought of as ‘places to live’ rather than ‘care settings’.

Over 55 focused housing may not only be seen as encouraging positive economic impacts but positive social impacts too. Which, in a post-COVID world, we can conclude is just as important.

Head to the MovingSoon homepage today to search retirement properties for sale and rent near you!

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