What do seniors look for in a neighborhood?
It’s a smart question for real estate agents to ask, considering the rapid growth of the country’s 65-and-older population.
In 2014, 46.2 million people in the U.S. were at least 65 years old; and 78 percent of them were homeowners. The U.S. Department of Health and Human Services expects the country’s older population to more than double by 2060.
A past survey from AARP attempted to answer the question of what older homebuyers are looking for in a community. Its members responded (in order of importance): increased police presence; improved schools; pedestrian-friendly streets; easy access to transportation for older adults and people with disabilities; and plenty of parks and green space.
In terms of nearby amenities, older Americans agreed on the following:
| Amentity | Share of Older Adults Who Want This Amentity Within A Mile Of Their Home |
|---|---|
| Bus Stop | 50% |
| Grovery Store | 47% |
| Park | 42% |
| Pharmacy/Drug Store | 42% |
| Hospital | 29% |
| Church/Religious | 29% |
| Train/Subway | 23% |
| Big Box Store | 18% |
| Entertainment | 16% |
| Mall (shopping) | 13% |
What the AARP’s survey results showed is a population that values independent living, Rodney Harrell, director of livability thought leadership at AARP, confirmed in a recent interview with Builder.
“The features that people want the most are bus stops, grocery stores, pharmacies, and parks,” he said. “All of these things have a direct association to what a community can delivery to help independent living.”
AARP’s Livability Index
As part of an initiative to improve the ability for older persons to understand how well a particular neighborhood caters to those unique needs, Harrell and his team developed a Livability Index that evaluates a particular area on just that.
For Boston, the index reads:
| Metric | Index Score |
|---|---|
| Housing | 80 |
| Neighborhood | 76 |
| Transportation | 84 |
| Environment | 65 |
| Health | 65 |
| Engagement | 61 |
| Opportunity | 25 |
| Overall Livibility Score | 65 |
The tool was built to be consumer facing, but it will function as an asset to any agent serving an older client. It’s hyper focused, offering more than just city-wide ratings; it provides neighbor-specific, even address-specific information too.
In a market where the aging population is growing and agents need to carve out more defined business niches to succeed, Harrell and company’s Livability Index is a vital for showing value.