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'NORC' phenomenon could upend multifamily, seniors housing, medical office sectors

Seniors don't want to move out of their homes anymore as they age, triggering a phenomenon known as naturally occurring retirement communities (NORCs) that will affect how city services are used, buildings are designed, and retailers and medical tenants locate, suggests as article in Politico.

 

We might not think of old age as occurring in pockets, but that’s exactly the picture emerging for the nation’s future. The graying of America will put massive pressure on public services—and that pressure will be unevenly distributed geographically. Demographer William Frey of the Brookings Institution has identified a trend he calls the “pulling apart” of the nation by age. All regions are experiencing growth in their senior populations with some of the fastest growth occurring in Sun Belt destinations like Houston, Atlanta and Raleigh. But in those cities, the growing number of seniors is balanced by the arrival of young families. The most extreme concentrations of the elderly are elsewhere, often in communities where the number of children is declining and younger working adults are leaving, creating a generational imbalance to add to existing economic challenges. This is the case across a gray ribbon that cuts through the post-industrial Rust Belt.

 

Such markets as Rochester, NY, Buffalo, NY; Scranton, PA; Pittsburgh, Cleveland and Dayton, OH,  where nearly one-fifth of their populations being older than 65, are in need of more senior-friendly infrastructure and housing options, the article suggests.

 

 

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