The economy has prompted many 55-plus to age in place - AARP Bulletin

Age-Restricted Housing Becomes Ageless

New home sales have lagged so badly that many developers have asked to lift age restrictions

The market for age-restricted housing has gone bust as the economic downturn prompts many boomers, unable to sell their homes, to age in place instead. In New Jersey, “it is much more difficult to find construction financing, and many banks are saying they will not lend at all” for such projects, says Jeffrey Otteau, president of the . Meanwhile, sales of new homes have lagged so badly that many developers have asked to lift the age restrictions—typically requiring residents to be 55-plus—they had imposed. Local officials have often granted the requests, rather than have near-vacant complexes. It’s an “issue that’s going on across the country,” says Jennifer Raitt, chairwoman of the housing and community development division of the. “For the last 10 years, there has been a huge influx of age-restricted housing built, or perhaps overbuilt.” Much of it is in the South, Midwest and Southwest, where the says not much is being built now. In at least two states outside those regions that joined the boom late, New Jersey and Massachusetts, some towns have lifted age restrictions. Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

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