This past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second […]
The population of octogenarians in the U.S. is set to double in the next decade, which also means the population of people with Alzheimer’s and dementia will sharply rise. However, […]
This past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second quarter and the 6.6% increase year-over-year. The FHFA’s findings are consistent with data compiled by the National Association of Realtors, which believes that the current supply of new homes is much too low.
The vast majority of states, plus the District of Columbia, saw median housing prices increase in the past year. The FHFA ranked Florida fourth in Y-O-Y housing price increases (9.4%), behind Idaho (10.3%), Colorado (10.4%), and Washington (12.4%).
While single-family home sales are overall on the rise, when compared with the size of the current US population, the amount of sales is relatively and historically low. However, since construction is not currently meeting the population’s need for new, affordable housing, median housing prices continue to increase despite the slump in sales.
In the past year, a net 2.2 million jobs have been created in the US, providing a new crop of home buyers. A tight housing supply coupled with a lack of new construction caused homes to sell quickly, especially those in the lower price range.
However, the national median home price of $255,600 is still too high for many buyers. NAR chief economist Lawrence Yun warns that unless the demand for affordable housing is met with new construction, too many potential home buyers will still be priced out of the market, unable to reap the financial benefits that home ownership can bring.
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The population of octogenarians in the U.S. is set to double in the next decade, which also means the population of people with Alzheimer’s and dementia will sharply rise. However, in Manhattan, there have been no new assisted living facilities built in over 10 years, so Manhattan is not currently equipped to handle in impending influx of seniors.
While assisted living is more commonly confined to suburbs, where land is cheaper, there are indications that the aging population in New York City is willing to pay a premium to remain in their neighborhoods. Developers are taking this opportunity to offer luxury assisted living. For example, Maplewood is currently building a facility on the Upper East Side and has plans to expand its boutique senior properties to other cities in the U.S. and abroad.
The Maplewood-Omega tower will feature limestone exteriors and marble bathrooms, which will seem familiar to local, wealthy residents. Amenities will also include a spa, a movie theatre, a lush “sky park” on the 16th floor, along with housekeeping and Broadway ticket reservations.
The 23-story building is estimated to cost $270 million to build and will charge monthly rents starting at $12,000. Another building by Welltower, Inc. and Hines will charge rents upwards of $20,000 per month.
Luxury isn’t the only thing residents will be paying for. The buildings are being constructed to serve those living with Alzheimer’s, dementia, and other impairments. In addition to memory care and assisted living, the buildings are being constructed with the needs of this population in mind. For example, a building might feature lighting in the hallways that adjusts throughout the day to promote being awake and then winding down for bedtime.
Source:
Carmiel, Oshrat. Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors. (2017, August 21). Retrieved from https://www.bloomberg.com/news/articles/2017-08-21/manhattan-gets-20-000-a-month-homes-for-new-breed-of-seniors
Low Housing Supply Contributes to Housing Price Increases
UncategorizedThis past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second […]
Luxury Assisted Living on the Rise in Manhattan
UncategorizedThe population of octogenarians in the U.S. is set to double in the next decade, which also means the population of people with Alzheimer’s and dementia will sharply rise. However, […]