Over the past several years you can certainly notice a shift in building trends. Customers are less likely to be young, first time homebuyers and more likely in this market to be someone who fits into the ‘baby boomer’ category who is downsizing or relocating to be closer to their children and grandchildren. As more boomers begin to retire, it leaves us to ponder an importation question – what happens to those who can’t afford to build a new home for their senior years and are unable to age-in-place in their current home?
I recently read that the average adult over the age of 55 has $150,000 saved for retirement. With advances in medical care, it’s quite common for seniors to live into their 80’s and 90’s. Let that sink in … $150,000 to last through 30+ years. Most seniors will receive assistance via Social Security & Medicare; however, there is still an unfathomable gap between that monthly income and the cost of housing without taking into consideration other necessary expenses incurred.
Affordable senior housing is quickly becoming the next housing boom. We’ve seen a dramatic surge in requests to provide accessible and affordable housing for seniors. We have worked with general contractors, private developers and even governmental agencies to help provide a solution to this housing crisis. Projects currently in our senior living portfolio include apartment complex’s located in Northvale, NJ, Franklin Lakes, NJ, and Endicott, NY with several more under contract or currently in the design development phases that we will be producing within the upcoming year. I encourage you to contact myself (Jason Drouse) or our Director of Business Development (Tony Spinozza) if you have any interest in learning more about how modular construction can help your multi-family or commercial construction needs.
Multi-family/Commercial Accounts Manager
Director of Business Development