These cold winter nights in New England have me dreaming of a beachfront bungalow.
But some equally harsh economic weather has this boomer contemplating bungalow alternatives.
High cost “luxury” rental apartments and astronomically costly assisted senior housing developments abound in our over-priced corner of the world in Fairfield County Connecticut.
I finally paid off my mortgage and find myself in an empty nest which makes me consider downsizing. I checked out new apartments recently built 1 block from my house and discovered that the one- and two-bedroom units cost anywhere from $2,000 to $3,000+ per month. That’s more than I ever paid for my mortgage even in the highest paying years. Plus, there is the unsettling fear that any apartment I move into will be subject to ever increasing rent hikes. These luxury complexes boast amenities none of which interest me. They advertise pools that I consider to be oversized tubs. Full disclosure, I’m an avid lap swimmer at a nearby gym and the cost is currently covered by my Medicare Advantage plan. I’m considering switching to Medicare Supplement since I’m hearing that as persons get older and sicker, that’s the plan to be enrolled in. Thankfully, as of today, my health is fine but I’m already planning ahead to using the towns outdoor pools (which are wonderful) to continue my swimming routine at least for 3 months of the year.
I’m delving into this personal detail to explain why I don’t need all the costly “bells & whistles” that accompany upscale apartment complexes and these “resort style” assisted senior residences that can cost in excess of $5,000/month. I’m a minimalist. Have been this way all my life. I can fit in a 300 square foot studio and I consider a 400 square foot one bedroom apartment palatial. I hear fellow boomers complain of downsizing and needing to rent space at storage facilities. I’m not judging them or trying to tell them what do. However, I don’t have the emotional attachment or the deep financial pockets for paying for storage space or renting living space that exceeds what I need on a day-to-day basis. A kitchenette, a Murphy bed and an area for some work space and lounging is all I need (in addition to a bathroom of course).
I can’t be alone in these circumstances where I’m on a fixed income with moderate savings (by national standards) living a minimalist lifestyle consuming little and requiring limited space. Why can’t folks like me live out our lives with simplicity and the predictability of affordable payments. It’s not that I’m asking to live rent-free. I just want “three hots’ and a cot” and minimum paperwork.
And that brings me back to my original statement that my mortgage is paid off and I’m over-housed in an empty nest. Technically, that’s an advantage, but in my case, I have lived all these years in what I describe as “a fixer upper that never got fixed up”. Deferred maintenance, presence of mold & asbestos in old housing stock, escalating tax/insurance burdens and the lack of handicap accessibility reduce the likelihood of aging-in-place. This perfect economic storm limits the profit margin of any sale of the house further closing the door on the opportunity to “roll over” to a smaller but more costly rental or ownership scenario. I am not alone among boomers who are facing this economic, structural and societal rubric cube dilemma. I can’t move down on the housing ladder and young families needing a house cannot move up so the housing log-jam persists.
My dream of a Boomer Bungalow can only be realized if a land trust is created to make the land upon which the bungalows sit become affordable. It’s the exorbitant and speculative land costs that sets in motion the afore mentioned housing crisis. The proceeds from my house sale, even if they are relatively moderate, can be rolled over to fund the small studio. If enough of these studios can be created on “affordable” land, we might create an economy of scale to make this project work. What if, for example, there were 10 boomers who each rolled $100,000 into the creation of 300 square foot studios. With this $1 million capital base (10 X $100,000) and if we kept the cost/square foot to $330 for these 300 square foot studios, we might be able to get this constructed. Last but not least, once it’s constructed, I propose that it be operated as a cooperative housing site where the monthly fee paid by each household is limited to meeting daily operating expenses and setting aside reserve for replacements and upgrades as needed. The residents of the “cooperative” would be in charge of setting the fees following the mantra of “only pay for what you need and set aside what you need in the future”. This avoids the “rent increase trap” of traditional renting from a landlord who can arbitrarily raise the rent. As I noted earlier, my goals for sunset years include affordability, predictability and simplicity in a safe, clean, handicap accessible residence. This Boomer Bungalow scenario matches my needs and I’m sure many more boomers harbor this dream. Now we just have to implement it.
Dunn Writes Well 