Contrary to daily housing market news one may hear, there is a section of the industry that may be doing better.
The Boston Business Journal is reporting the demand for assisted living communities has "skyrocketed," convincing one company to develop two new facilities in the local area.
While the communities may have always been popular with senior citizens, the recent $787 billion economic stimulus package may be one of the factors that could be driving the popularity of the lifestyle.
In the package, reverse mortgage limits were increased to $625,000, which may help some seniors sell their current homes and move into a retirement community.
However, it remains to be seen whether the U.S. Department of Housing and Urban Development will implement the changes.
Also, $250 million in grants and loans will be given to the department for assisted affordable housing that make environmentally friendly improvements to their structures.
This, some industry officials say, has led to an increased interested in assisted living homes, where a senior can socialize or receive specific care for conditions such as Alzheimer’s disease or diabetes.
Approximately, one million Americans reside in assisted living facilities, according to the National Center for Assisted Living.
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