NYC Residents Considering Retiring Outside of City, New Research from Broadview Shows
PURCHASE, N.Y. (Oct. 8, 2020) – More than half of older adults residing in NYC responding to a survey commissioned by Broadview, a retirement community under development at Purchase College, are considering a move outside of the City to retire.
The survey, sent to age-qualified residents living in NYC and the surrounding area, was created to learn more about what older adults are seeking in a future home, lifestyle, value, health care and wellness.
Uncertainty about how the pandemic has affected various aspects of living in NYC, congestion and convenience are factors that concern seniors looking to make a move. Respondents to the survey revealed that they are considering a move to a new home within the next five years.
The impact of the pandemic on the housing market is showing signs of a geographical shift as homebuyers are seeking alternative options to living in congested urban areas. The choice to move into safe, newly built homes where people feel stable and secure is paramount.
Sales of existing homes jumped nearly 21% nationally in June compared with the previous month, according to the National Association of Realtors. It was the largest monthly gain since the association began tracking the data in 1968. And while the housing market continues to heat up in the second half of 2020, the trends for living in smaller towns or suburbs are prevalent, according to the Realtors association.
“We found that a large portion of survey respondents plan to move for the stimulation, intergenerational activities and lifelong learning opportunities that would be available at a college campus community as well as moving for the fun and lifestyle,” said Ashley Wade, Broadview’s Director of Marketing.
“Many residents of senior living communities have indicated that they feel safe living in their retirement community and benefitting from the services that keep them protected, rather than having to venture out for basic necessities and being isolated the rest of the time,” Wade said.
Sixty-five percent of the NYC respondents stated that they plan to move only if they can be within easy commuting distance to the city and 85% of the non-NYC residents said they plan to remain in the Westchester County area during retirement.
Broadview will offer 220 independent living apartment and villa homes on the Purchase College campus, which is ranked among the Top 10 public liberal arts colleges in the country. Residents will enjoy an exclusive offering of amenities including a swimming pool, fitness center, movie theatre, spa and salon, dining venues, on-site health center and the Learning Commons, designed for intergenerational learning featuring performance and exhibition areas, a multimedia lab, studios for art and movement, and a café.
The senior living community is currently accepting fully refundable, interest-earning reservation deposits for specific residences at preconstruction pricing. Construction of the community is planned to begin in mid-2021.