BPM's Real Estate Insights 2019 Volume 01 | Page 6

How Aging Americans Will Change
Real Estate: Insights From Mary O’Hara-
Devereaux, Futurist, Researcher and Author
By Mark Leverette
You may hear a lot about how Baby Boomers and Millennials
are changing the current landscape, but Gen-Xers may be
the ones shifting real estate trends in the next two decades.
That’s because modern-day Americans are expected to live
longer than ever before, and thanks to technology in the
health sector and beyond, they’ll likely be living at home alone
for a lot longer, too.
These are just some of the forecasts from Mary O’Hara-
Devereaux, a researcher who focuses on the intersection of
a variety of current trends to forecast the ways of the future.
She recently shared some insight on where she believes real
estate trends are headed, and why, and most of them touch
on technology.
Technology is Extending Life
Expectancy and Ability to Live
Independently
The ability to find, treat, cure and prevent illnesses—among
other things—is leading to longer lifespans, and modern-day
technology is to thank.
“We will see more of it in the San Francisco Bay Area, the
epicenter of new technology, because the future doesn't arrive
everywhere all at the same time,” said O’Hara-Devereaux.
“So, you'll see things like more-autonomous vehicles here,
and in a few other big metro areas in the United States, before
you're going to see them in Winnemucca or Salt Lake City.”
Invest in Real Estate near Tech-
Driven Cities and Healthcare
Centers
Since senior-driven technology will be in big cities first,
retiring in the suburbs will likely become a thing of the past.
Aging Americans are going to want to live where life is easy
and they can live autonomously, so they are going to stay in,
or move to, a metropolitan area.
“In the past, we found that families came together and then
industry was formed around them. Now, there's some gravity
to already-formed industries and healthcare infrastructure,”
In fact, the number of people older than 65 in America is
expected to approximately double—from 48 million to 88
million—by 2050, according to a U.S. Census Bureau report.
“The biggest effects we are going to see come from the fact
that between now and 2030 we are going to double the size
of the Senior Californians (people over 65 years old),” said
O’Hara-Devereaux.
Technology will not only continue to allow people to live
longer, but also to live independently longer.
“There's a lot of single, older people, and this is a big change,”
said O’Hara-Devereaux. “In fact, most people over 50 years
of age in California right now are single. Anytime something
gets this big, it's very impactful.”
In addition to medical advancements, other technologies will
pave the way for seniors to live on their own in the future.
Current tech tools, like wearable medical alert devices,
grocery-delivery apps and virtual doctor visits, are already
doing this. But futuristic technology, like self-driving cars, will
make independent living an even more viable option for those
without spouses or adverse to nursing care.
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BPM Real Estate Insights
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