America’s housing affordability predicament is alarmingly clear, underscored by a recent Zillow report detailing a daunting 4.3 million home deficit nationwide. As the creation of new households steadily exceeds the pace of housing construction, escalating prices and intense competition inevitably follow, impacting countless individuals. Among a wide array of real estate endeavors at Global Property Systems, we are currently zeroing in on crafting cost-effective housing solutions for the elderly in Lower Hudson Valley, New York.An Emerging An Emerging Crisis
An Emerging Crisis
Between 2015 and 2021, the number of households in the United States rose by 7.9 million, yet housing inventory only increased by 6.3 million units. This disparity is at the root of escalating housing prices and fierce competition for available homes, fuelling the affordability crisis.
One distressing symptom of this crisis is the “doubling up” trend, where families are cohabitating with non-relatives in a dwelling they neither own nor rent. Roughly 8 million families nationwide find themselves in such a predicament, highlighting the urgent need for smaller, affordable homes to enable new household formation and counteract the crisis.
Focusing on Senior Needs
Meeting the immediate demands for affordable and accessible housing among seniors is a considerable challenge. In the Hudson Valley, a large number of elderly residents are burdened by high property taxes and rigorous home maintenance, thereby increasing the need for alternative housing options. As Certified Senior Real Estate Specialists, our team is actively working to initiate substantial changes in this area.
While deeply involved in addressing senior housing issues, our CEO, Vanessa Saunders, is also utilizing her expertise to tackle other affordable housing initiatives nationwide. Benefitting from her past associations with FIABCI and the United Nations’ Making Cities More Affordable initiative, Saunders is now focusing her considerable expertise on the Hudson Valley, responding to the immediate local needs.
Currently, Saunders is developing efficient and pragmatic housing solutions specifically tailored for the senior residents of the Hudson Valley. Her extensive knowledge and experience gained while working with FIABCI (The International Federation of Real Estate Professionals), and the United Nations “Making Cities More Affordable” initiative provide a solid groundwork for crafting local, sustainable strategies that will significantly enhance the life quality of our aging community.
The Lower Hudson Valley Reality
The challenges spotlighted in the Zillow report resonate deeply in New York, particularly the lower Hudson Valley. Much like the rest of the country, New York has seen a surge in household formation without a corresponding increase in housing units.
As real estate professionals, we are tirelessly devising strategies to locate affordable housing for seniors in the region. A significant hurdle in this area is balancing the needs of elderly residents and the opposition from other residents to considerable developments in their neighborhoods—a classic case of the NIMBY (Not In My Back Yard) mindset. This is due mostly to land costs necessitating huge developments in order to keep prices low.
A Future Outlook
Addressing this housing crisis, particularly for seniors, necessitates strategic planning and inventive solutions. At Global Property Systems, we are blazing a trail that includes zoning reforms, optimizing building efficiency, and curbing administrative hurdles such as protracted building permit approval processes.
A significant part of our innovative strategy includes developing small, owner-occupied communities in the Lower Hudson Valley. These communities will be designed to foster a sense of belonging among like-minded seniors, allowing them to age in place without having to leave the area they call home. The ownership model promotes independence and ensures they can enjoy the company of their pets without the hefty price tag often associated with senior living communities.
Moreover, we are advocating for an increase in the construction of smaller, more affordable homes, considering the pronounced need for these units in the housing market. Our team is committed to creating accessible, affordable, and comfortable living spaces for seniors, with a primary focus on quality of life.
We look forward to sharing more about our initiatives soon. In the meantime, if you’re contemplating the next chapter in your journey, we encourage you to watch our video
Our wealth of experience and specialized resources are at your disposal to support your real estate needs and find the best solution for you.
We’d like to close on a light note by borrowing from an old saying, “This is an age-old problem, but the solution doesn’t have to be.” We’re confident that with innovative thinking, collaboration, and a dedicated team, we can redefine what it means to age in place.
If you are interested in learning more, please connect with our SRES team by clicking here:
Disclaimer: Some of the information used in this blog has been sourced from a Zillow report published on June 22, 23._
