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, […]
After the 2009 financial crisis in the US, interest rates plummeted, and they’ve only recently started to rise again. Starting in December 2015, the Federal Reserve began to raise the […]
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
After the 2009 financial crisis in the US, interest rates plummeted, and they’ve only recently started to rise again. Starting in December 2015, the Federal Reserve began to raise the funds rate, and the Federal Open Market Committee has voted to raise rates three time since then.
For savers, these rates haven’t affected much – interest rates have only risen slightly for them in the past year, and the difference between one percent and 1.2 percent may not warrant shopping around for another bank. The banks are full of savers’ cash and therefore not pressured to compete for deposits. The biggest banks often offer the lowest rates, even for customers with millions in their accounts. Customers wanting to increase their yields should consider regional or lesser known banks that do need the cash and are willing to offer higher rates.
Interest rates have changed more significantly for borrowers, though some products have hardly seen any change at all. Auto loan rates are down due to the competitive market and the rise of auto defaults. Home mortgage rates dropped after the Fed’s first rate hike in 2015; however, they have bounced back since then, since those rates are less affected by the Fed funds rate.
Historically, credit card rates have closely mimicked Fed rates, and this time is no exception. However, consumers may still find opportunities to save – those with good credit scores may be able to find cards with limited time rates of zero percent. And the Navy Federal Credit Union, the largest credit union in the US, took the last Fed hike in June as an opportunity to stand out from the crowd, dropping their basic card’s rate by two percentage points.
Source:
Steverman, Ben. Why You Don’t Feel the Fed Rate Hike in Your Bank Account. (2017, July 18). Retrieved from https://www.bloomberg.com/news/articles/2017-07-18/why-you-don-t-feel-fed-rate-hikes-in-your-bank-account
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, […]
Fed Rates Are Up – Where Do Consumers Feel It Most?
UncategorizedAfter the 2009 financial crisis in the US, interest rates plummeted, and they’ve only recently started to rise again. Starting in December 2015, the Federal Reserve began to raise the […]