America experiencing a sudden growth surge in retirement village construction

Published on

Giving a pointer to a possible acceleration here in Australia, the new construction of retirement villages in the US has leapt forward as the housing market starts to emerge from the GFC led crash in values. An example: in the “Twin Cities” of Minneapolis/St Paul (Minnesota) with a population of 2.85 million, there are currently over 6,000 village units under construction. If we did a pro rata calculation based on Australia’s population with 23 million people, we would have 50,000 units in construction today. (Penetration in the US of villages is 9% for people aged 65+ while here in Australia it is 6.5%).
America’s biggest village – 92,154 residents

While discussing villages in America, which is the biggest? It is called The Villages, in Tampa, Florida. Its stats:
– Homes: 47,102
– Residents: 92,154
– Median home value: $219,400.
– Median income: $51,234.
– Retail stores: 169
– Restaurants: 90+
– Pharmacies: 17
– Churches: 7
– Banks: 14
– Hotels: 5
– Golf holes: 540
Sources: U.S. census, the Villages


About Author

The Weekly SOURCE is the leading media for retirement living and aged care businesses, delivering sector-specific news through four mastheads. Operating as part of The DCM Group, The Weekly SOURCE also provides a directory of proven sector specialists and an insights exchange.