The Chico / Paradise area has long been a popular retirement choice, based in part on our wonderful summer weather (‘warmer weather’ was identified in a 1996 Del Webb survey as the primary criteria in choosing a retirement location). Add to that the cultural opportunities provided by a major California University in Chico and quality hospitals and medical care in both communities and it becomes clear why retirees from the bay area and southern California have found the region to be a good choice to spend their golden years.
But with nest-eggs reduced or eliminated by the financial collapse of the past two years seniors are re-prioritizing when considering a retirement destination. According to an article on MarketWatch.com as reported by RISMEDIA seniors are making different housing and location choices in the new environment. Will the Chico/Paradise area still hold it’s appeal based on these new criteria?
Those 55+ still plan on moving in retirement, between 30-40% according to one survey, but ‘cost of living’ has replaced ‘warmer climate’ as the number one quality that seniors are looking for. To most this means downsizing, and homes that come equipped with sensible, cost-efficient amenities that will make living both comfortable and budget-conscious. According to a survey by the National Association of Home Builders (NAHB), important features currently on the minds of those approaching retirement are:
-Bathroom aids such as grab bars
But with nest-eggs reduced or eliminated by the financial collapse of the past two years seniors are re-prioritizing when considering a retirement destination. According to an article on MarketWatch.com as reported by RISMEDIA seniors are making different housing and location choices in the new environment. Will the Chico/Paradise area still hold it’s appeal based on these new criteria?
Those 55+ still plan on moving in retirement, between 30-40% according to one survey, but ‘cost of living’ has replaced ‘warmer climate’ as the number one quality that seniors are looking for. To most this means downsizing, and homes that come equipped with sensible, cost-efficient amenities that will make living both comfortable and budget-conscious. According to a survey by the National Association of Home Builders (NAHB), important features currently on the minds of those approaching retirement are:
-Bathroom aids such as grab bars
-Kitchen aids
-Light home-repair services
-Outdoor maintenance services
-An entrance without steps
-Accessible public transportation
-Wider doorways
-Nonslip flooring
A lot of the more popular features in new homes these days don’t appeal all that much to older buyers:
-Island work areas-Separate showers
A lot of the more popular features in new homes these days don’t appeal all that much to older buyers:
-Island work areas-Separate showers
-Private toilet compartments
-Sun rooms
-Woodburning fireplaces
-Exercise rooms
Retirees want technology but not flash – they want security systems, energy management, structured wiring and lighting controls, but they don’t want to spend extra for home theaters, distributed audio or home automation. “These older buyers are frugal, probably on a fixed income and so expensive tech items are not that big on their lists,” said Rose Quint, the NAHB assistant vice president for survey research.
Will Chico and Paradise continue to be Meccas of retirement? We still have the desirable weather – hot summers, mild winters and large number of cloudless days. Our home prices are well below those of California’s major metro areas. We also have a reasonable supply of senior housing and assisted living facilities, but do we have enough? Whether the retirees will continue to come depends on how well local builders prepare in the near term with sensible and affordable homes and condominiums.
Retirees want technology but not flash – they want security systems, energy management, structured wiring and lighting controls, but they don’t want to spend extra for home theaters, distributed audio or home automation. “These older buyers are frugal, probably on a fixed income and so expensive tech items are not that big on their lists,” said Rose Quint, the NAHB assistant vice president for survey research.
Will Chico and Paradise continue to be Meccas of retirement? We still have the desirable weather – hot summers, mild winters and large number of cloudless days. Our home prices are well below those of California’s major metro areas. We also have a reasonable supply of senior housing and assisted living facilities, but do we have enough? Whether the retirees will continue to come depends on how well local builders prepare in the near term with sensible and affordable homes and condominiums.
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