Seniors Flock to Co-Ops as Housing Option in Some States

Seniors are flocking to cooperative housing as a favorable option in some states, however, senior living developers don’t see much competition coming from the increasingly popular housing type. Of 103 senior housing cooperatives in the nation, 79 are located in the state of Minnesota, according to the Senior Cooperative Foundation of St. Paul, MN. The state is also home to the first senior housing co-op, 7500 York, built in 1978 in the southwest Minneapolis suburb of Edina, which is still active today. Despite the popularity, senior living developers don’t fear that this housing product will increase competition for other senior living housing options, even when developing in states like Minnesota that have a prevalence of co-ops specifically designed for seniors. “People do have choices in Minnesota, ones that fit their lifestyles and where they want to live,” says Steve Nornes, director of operations management for CSRA, a subsidiary of LCS Senior Living. “Co-ops are just another option.”
www.SeniorHousingNews.com

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