Community Communication Corner

By The Numbers - The Rise of the “Over 55” Communities

Every year, I am impressed with the number of “newbies” (first-timers) that enter the world of community living by purchasing their first condominium or property that is part of a homeowners association. More impressive still, is the increasing number of folks over the age of 55 who are joining communities that cater specifically to their needs and desires. Megatrends are at work here and we seeing them trickle down to our own backyards here in CT.

More than 75% of the wealth in this country is controlled by a group of adults we call “Over 55.” The group of consumers that are 65-plus have twice as much per capita income as the average baby boomer. Is it any wonder that there are more “Active Adult” communities springing up around Connecticut than ever before? If you were a real estate developer looking for a fast-growing market segment with the means to purchase your product, you would be well-advised to invest your resources in creating communities that will attract this group of buyers whose numbers are going to continue to increase for the foreseeable future and beyond.

As a country, we have experienced a huge increase in life expectancy since the turn of the 20th century. We have added 30 years to the average life span, taking it from 46 to 76 years. Every 6 seconds, someone in this country turns 50 and one step closer to joining the “active adult” community. 55 million people in the U.S. are already members of the “Over 55” demographic. That number will double by the year 2030. These figures come to us courtesy of the Center for Mature Consumer Studies. I encourage you to visit their website at http://robinson.gsu.edu/marketing/Centers/cmcs_index.htm to learn more.

The success of these communities and the seemingly endless supply of new “Over 55” residents indicate that we will see far more of them in the years ahead. While the concept of “active adult” communities is nothing new, the diversity of amenities offered widely varies. The one thing they have in common is to restrict their communities inhabited by those who share similar and age-appropriate lifestyles. These communities are likely to thrive in the upcoming years as the numbers suggest that, as a whole, this is a financially secure group with the ways and means to live where and how they see fit. That means that as a community, they should have no problem creating healthy reserve funds to keep their common assets in top shape. Sounds like a great place to live!

I am, on occasion, asked about special communication requirements for “Over 55” communities. While that usually evokes a giggle of some little old man using a magnifying glass to read the community newsletter, the reality is that today’s “active adult” is no different than any other community member. They have just reached a certain age milestone. “55” is the new “35” and so is “65” and beyond in many cases! Community newsletters, websites, etc. are just as important in an “Over 55” community as they are in any other community. In some cases, the communications are more important as the audience is educated and takes the time to read the news of the community and to take action when needed.

Our “Over 55” population isn’t showing any sign of slowing down here in CT. I have had the pleasure of meeting and working with many residents of “active adult” communities and they have shown me that they have interests as varied as golf and tennis to scuba diving and parasailing. Some may be retired but very few that I have met plan on slowing down any time soon. I am excited to see new and viable “Over 55” community associations being born in our state. I look forward to welcoming many of these associations to CAI in the very near future.

Article from our upcoming Common Interest Magazine. To subscribe visit: http://www.caict.org/ci_subscriber.htm

Bob Gourley is one of the founders of MyEZCondo, a communications firm that specializes in newsletter production and other communication solutions for condominium associations. He also serves as Board President of Captain's Walk in West Haven, CT. MyEZCondo is a member of CAI-CT. Bob serves on the Publication Committee, Chairs the Membership and Website Commitees and was recently elected as President-elect of the Board of Directors for CAI-CT.