Empty Nesters

Hey, it’s me, Kati! Today, I want to dive into a topic close to my heart: the housing challenges faced by empty nesters on the North Shore of Chicago. Being a lifelong resident of Northbrook, I’ve witnessed firsthand the difficulties these individuals encounter when seeking suitable housing options as they transition into the next phase of their lives.

Limited Housing Options:

Let’s start by understanding who empty nesters are. They are the parents whose kids have flown the coop, leaving them with an empty nest. Typically, empty nesters fall within the age range of 52 to 75, seeking to downsize their homes and embrace a more manageable lifestyle. However, finding suitable options in our area proves to be quite a challenge.

The Downsize Dilemma:

Many empty nesters in Northbrook have lived in their homes for decades, raising their families and creating lasting memories. These homes, often colonial-style with four bedrooms and two and a half baths, hold sentimental value. However, as these individuals look to downsize, they struggle to find alternatives that match the quality and comfort they desire.

Lack of Viable Alternatives:

Condominiums, a popular choice for downsizing, do not always meet the expectations of empty nesters on the North Shore. These individuals are not looking for just any condo; they seek a space that provides size and outdoor living areas. Unfortunately, finding such condos with reasonable assessments becomes a challenge, as they can negate any potential tax savings.

The Quest for Ranch Homes:

Another sought-after option for empty nesters is the ranch-style home, preferably with a first-floor bedroom. However, these homes are scarce, especially within the desired price range of $600,000 to $900,000. Associations rarely offer ranch homes, and single-family ranches are often in high demand, driving up prices and limiting availability.

The Impact on the Community:

The lack of suitable housing options for empty nesters has broader implications for our community. Limited turnover in the housing market means fewer opportunities for new residents to find homes, hindering the growth and vitality of our beloved Northbrook. Additionally, the frustration of empty nesters may lead them to consider moving out of state, leaving behind their established lives and connections.

The Affordable Housing Dilemma:

Addressing the needs of empty nesters involves considering affordable housing options. However, the current affordable housing mandate poses challenges for developers, making it financially burdensome to meet the requirements. This limits their ability to create affordable housing options that cater specifically to the needs of empty nesters.

Exploring Potential Solutions:

To find viable solutions, we need collaboration and innovation. One potential avenue is the development of the Green Acres Country Club land, a promising parcel with great potential. By considering higher density and taking inspiration from successful models like Ancient Tree, which offers various housing types with manageable assessments, we can strike a balance between affordability and quality of living.

The Role of Market Demand:

Understanding market demand and buyer expectations is crucial in creating successful developments for empty nesters. Involving real estate professionals and leveraging their insights can provide valuable guidance in meeting the specific needs of our community.

Conclusion:

As a real estate agent living in Northbrook, I am passionate about addressing the housing challenges faced by empty nesters. By expanding the range of housing options, embracing innovative approaches, and considering the input of residents and industry professionals, we can foster a thriving community where empty nesters can find homes that suit their evolving lifestyles. Let’s work together to create a vibrant housing market that accommodates the needs of all residents on the North Shore.