| The United States Census Bureau has reported that | | | | recession as the U.S. Census Bureau has also released |
| a third of the country’s population will be 50 | | | | that the number of parents, siblings and other |
| years or older by the year 2010. Accordingly, a 2009 | | | | relatives living with the heads of households grew |
| study conducted jointly by the National Association | | | | 42% from the year 2000 to 2007. |
| of Home Builders (NAHB) and the MetLife Mature | | | | The housing industry is also taking note of how |
| Market Institute (MMI) revealed that the Baby | | | | seniors are rapidly embracing technology and the |
| Boomer generation alone will represent 25% of the | | | | internet when seeking housing options. A recent |
| United States population by 2010. With seniors | | | | survey conducted by the Internet Home Alliance |
| representing such an astonishingly larger segment of | | | | Research Council revealed that 63% of seniors have |
| the housing market, it is important to assess how | | | | home offices in their new homes, while an amazing |
| recent economic conditions are impacting senior | | | | 70% have broadband internet access at home. |
| lifestyles and their housing needs. | | | | Further, a survey conducted by International |
| As unemployment figures have continued to increase | | | | Demographics revealed that 47% of those over 50 |
| in this recessionary economic climate, many seniors | | | | years-old utilize the internet on a regular basis, and |
| are facing layoffs or reduced hours. Seniors who | | | | 70% of those between 50 and 64 years-old are |
| have lost their jobs often run a higher risk of | | | | actively online. Finally, a study by Charles Schwab |
| foreclosure as their prospects in the job market are | | | | showed that 13 million U.S. adults over 50 years of |
| more challenging today as more applicants compete | | | | age have internet access, and this number is growing |
| for fewer positions. In another 2009 study conducted | | | | rapidly. This figure amazingly represents 16.5% of the |
| by United Sample and Golden Gateway Financial, | | | | total online population of the United States. |
| more than 50% of seniors polled said their net worth | | | | This significant increase in the utilization of the |
| had decreased by 10% to 30% over the past year. | | | | internet has provided seniors with the means to be |
| Consequently, it should come as no surprise that | | | | more thorough and selective in researching housing |
| 50% of this study’s respondents said they are | | | | options. As a result, senior housing providers are now |
| concerned that their overall net worth may no longer | | | | concentrating their marketing efforts on the internet |
| be enough to sustain their retirement and they now | | | | to attract this steadily increasing demographic. So |
| plan to retire after the age of seventy. | | | | despite the obstacles that recent economic conditions |
| As a means of coping with this fiscal predicament, | | | | have created, seniors are quickly adapting to the |
| many seniors have opted to move in with other | | | | times by cutting costs and becoming more |
| members of their families to share living expenses. | | | | technologically savvy. Since these trends are showing |
| Intergenerational households also reap the benefit of | | | | no signs of slowing, the housing industry must |
| avoiding the cost of residential care facilities by | | | | continue to quickly adjust to meet the needs of this |
| providing care and support for senior family members | | | | tremendous segment of the nation’s population. |
| at home. In fact, this trend may even pre-date the | | | | |