Census Sent: Seniors Live With Kids a Lot More These Days

by Isaac Benmergui, Esq on January 31, 2014

Rather than send your mom and pop to the old folk’s home, it’s now become pretty standard these days to have seniors move in with you. While the grandkids might cringe at the thought of it, there are real estate law statistics as to the reason behind it, and it’s not all what you think (although grandkids might give you a completely different reason entirely as to why it’s such a bad idea!).senior citizens

We automatically think that it’s a negatively charged economy. Senior homes get pricey, homes in general are pricey in the real estate market, so many, many people move in together, including senior citizens. That’s not the case, though, many analysts think. While the housing market still struggles here and there throughout the United States, households see more senior citizens in all demographics not necessarily because of the rising prices, but because of the varying characteristics and statistics these days involving seniors. For instance:

♦       We Now Have More Foreign-Born Seniors in America

♦       Statistics Show That They Now Live Longer

♦       And Minorities Now Play a Huge Factor

Seniors are moving in for three reasons – the concept of family has reached a much higher level of importance, specifically if such seniors are from foreign countries. This is where immigration law becomes a major player in real estate law. Furthermore, statistics now show that seniors have been living longer, which by the data shown here that 15% of seniors over the age of 85 versus a small 6% of seniors 65-69 years old live with relatives. Then we throw minorities into the mix, and all you have to do is figure the numbers – more minorities, more family members, more senior citizens, more opportunities to have them shacked up in the household with the rest of the family.

Real estate law is, really, about familial structure. It’s important to see the trends. Moreover, if there’s anything the economy has a hand in regarding this, it’s definitely not in the real estate market. It’s in the employment and estate planning market. The retirement funds simply don’t seem to be there. Hopefully that’s one particular trend that doesn’t continue.

Previous post:

Next post: