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Baby Boomers Change Housing MarketDate: 06/01/2007Time: Where: WCAX News South Burlington, Vermont -- June 1, 2007 Vermont's population is aging. And as the state's Baby Boom generation nears retirement, the population of Vermonters over age 65 is expected to double in less than ten years. All of this is having an impact on the housing market. Many older people are moving out of their homes into smaller quarters, including Allen Provost, who recently moved into Northern Meridian, a new 88-unit apartment complex on Lime Kiln Road in South Burlington. "I'm old, 79 years old," he told Channel 3. "So I sold my house and moved into something like this." Provost waited until he was in his 70s to make the move. Many more will follow as the tip of the Baby Boom generation enters its sixties. For him, renting made more sense, and so he moved here, into one of South Burlington's newest housing developments. "What I like about it? he continued. "They have a nice swimming pool, I go down and take a swim every day. They've got workout rooms." And with a laugh, "I don't have to shovel no snow, don't have to mow the lawn, don't have to do nothing." This is a prime example of the kind of housing that's becoming popular with people who have retired or are nearing retirement. John Wilking, president of the Neville Companies, a property management firm, said, "What we've got here is a slice of the senior housing potential. Obviously, there's nursing homes, there's assisted living. And this is Independent Living." It's a new trend in housing for the growing number of older people. Wilking says the residence is wired with an alarm system. "If somebody did fall," he said, (or have) some issue, they can literally hit a switch and the ambulance is on its way." Otherwise, the residents are on their own. You have to be 55 or older to live here. The rents are not cheap, ranging upward from $1100 a month. But that covers large two-bedroom apartments with two baths, and includes utilities and underground parking. The appeal to older people is not hard to explain, Wilking said. "What we find is, it's the hassle factor that really drives them here. These are independent people. Some of our people like to say that sixty is the new forty. So these folks are coming here to be active." Economist Art Woolf of Northern Economic Consulting says independent living appeals especially to the Baby Boom generation. "There's private entrepreneurs who are responding to that demand by providing rental housing, condominiums, things that basically require people to do less work on their houses," he said. "That's what renting and condo ownership do. And also living closer to Burlington, where there's a lot more services." Northern Meridian is an example. Plans are in the works for Phases Three and Four that will add an additional 62 units -- as the Baby Boom generation continues its huge impact, headed into retirement. Andy Potter, Channel 3 news. No photos for this event have been uploaded. Check back soon! |
