University
Affiliated
Housing

The Next Housing Trend
for Baby Boomers

By Pam Goodman

Millions of Baby Boomers will be moving on to the next phase of their lives over the next few years – and they may be moving to a college near you. For some in their 40s and 50s, this part of their lives will mean retirement. For others, it might mean a second career, an opportunity to live in a new place that fits with their interests, or simply reconnecting to an earlier part of life. Either way, the excitement, stimulation and cultural vibrancy of an academic setting stands to become a living option for more and more active adults.

That’s a good thing, because more boomers are looking for connected and engaged communities as they make decisions about where to spend the next decade and beyond. A study by the marketing firm Hanley Wood found that only one in five baby boomers want to stay in their current home during retirement.

That means the more options for active adult living — including university — affiliated housing — the better. Indeed, Andrew Carle, associate professor at George Mason University, predicts that more than 400 colleges and universities in the U.S. will create university-affiliated housing communities in the next 20 years.

Why the desire to go back to school? As the National Association of Realtors found last year in a study, more than one third of all baby boomers want to retire in an urban or suburban setting, motivated, in part, by cultural activities. Universities readily provide those cultural interests and are often a magnet for other museums, concert halls, and theaters. For a generation that has reinvented itself consistently, the wish to continue that reinvention through the kind of courses that colleges offer to older students may also be a driving factor.

The Pioneer Valley – with all its rich opportunities in higher education and the accompanying community benefits – is poised to be a part of this important trend. The Five Colleges – Amherst College, Hampshire College, Mount Holyoke College, Smith College, and the University of Massachusetts – have always been popular choices for college students seeking an intellectually rich area. Amherst and Northampton combine the best of the big city – socially and politically active communities, great restaurants, stimulating museums and other cultural amenities – while retaining a small-town feel. And the Valley has the added incentive of proximity to some of the region’s best recreational resources. The access that individuals have to lakes, streams, and mountains has attracted residents and visitors alike for decades. Also important: the community is strongly supportive of the environment, making sure that open space is protected and that the flora and fauna of the area are treated with respect. For many Baby Boomers – wanting to be near nature and civilization – the Pioneer Valley is the best of all worlds.

Hampshire College is introducing the Pioneer Valley to the growing market for university-affiliated community developments with the Veridian Village at Hampshire College project. A partnership between Beacon Communities LLC and Hampshire College, Veridian Village is a vital component of Hampshire’s sustainable campus plan, which the college began assembling in 2003. The project entails the creation of 129 apartment homes on 18 acres connected to Hampshire’s campus.

With the connection to the college, homeowners will have the opportunity to audit selected Hampshire classes free of charge; use campus facilities including the library, pool, outdoor tennis courts, and indoor track; attend social, academic, and cultural events; take part in activities at the Hampshire Farm Center; and participate in programs at the National Yiddish Book Center and the Eric Carle Museum of Picture Book Art. Beacon Communities has recently joined a partnership with the Museums10 organization, as well as with the Five College Learning in Retirement organization, and the Five College Consortium. These partnerships will allow residents of Veridian Village to take full advantage of the Pioneer Valley’s spectrum of cultural and social activities.

It’s a good kind of partnership – and one you can expect will be replicated around the nation. More and more college communities – faced with growing demand and interest from baby boomers – are apt to start seeing their higher education assets in a whole different light.

Pam Goodman is president of Boston-based Beacon Communities Development – a developer of multi-family housing communities.


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