Baby Boomers Staying Home, Not Moving into Senior Housing
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Here's your Money Briefing. I'm J.R. Whalen at The Wall Street Journal in New York. Senior housing is one of the fastest-growing commercial real estate sectors, but aging baby boomers are staying in the homes they've owned in some cases for decades and not moving. We'll check in with a Wall Street Journal reporter to explain. First, some money and market news you should know. Facebook is getting into the money game. The social media giant has launched Facebook Pay, which will allow users to make payments for fundraisers, in-game purchases, event tickets and person-to-person. Payments are processed in partnership with companies like PayPal and Stripe.
What is driving the trend of baby boomers staying in their homes instead of moving to senior housing?
Facebook says the service is currently available on Facebook and Messenger and will eventually be on Facebook-owned apps Instagram and WhatsApp as well. Now, Facebook Pay won't automatically be available to users, but they'll be able to opt in. Facebook Pay is separate from the Calibra wallet, which is supposed to run on the company's Libra cyber currency network. A bipartisan group of lawmakers is proposing to set a 36% limit on consumer loan interest rates. The proposed law would extend a limit already in place for the military to all consumers. It would effectively eliminate traditional payday loans as well as many installment loans offered online, which often charge interest rates of more than 300%.
The push on Capitol Hill follows more than a dozen states that have already banned payday loans. Last month, California enacted a law imposing a 36% cap on loans between $2,500 and and $10,000. Colorado voters approved a similar law last year following similar moves in South Dakota and Montana. And companies are also taking action. Earlier this year, Google Parent Alphabet banned apps from offering personal loans with an annual percentage rate above 36% on its Google Pay App Store.
Senior housing has long been one of commercial real estate's biggest bets. But now new technology is encouraging seniors to stay in the homes they've owned for decades. How does that work? And how is it impacting the housing market? Let's bring in Wall Street Journal reporter Peter Grant to find out. So Peter, what is aging in place technology that's keeping the seniors in their homes?
As we all know, there's been a technological revolution that's affected all our lives. And that revolution that we feel from things like Uber or delivery services or Amazon is also affecting seniors. It's already affecting seniors. But what's also happening is that new technology is coming out, which is directed specifically at helping seniors stay where they are, which is really what seniors would prefer to do rather than to move forward. to senior living. So what are some examples of that? They're sensors. I mean, we've all seen the TV commercials where a senior falls and can send an alert to a caregiver or an emergency authority. What's happening is there are a wide range of new sensors that are going to be measuring a wide range of medical conditions, even without the seniors thinking about it, that will enable them to
stay in place with medical conditions, but ones that are being monitored by their family, by their caregivers, or by medical specialists.
And there's some startups that are actually producing some fairly innovative products in addition to sensors.
Take voice recognition, for example. We've all seen the evolution of voice recognition from where you'd make an airplane reservation with it to Siri right now. But new technology is coming out where a voice technology service will actually initiate a conversation. So think of a senior who gets up in the morning And without any prompting, the voice service will say, how are you feeling? And the senior might say, I'm feeling great. And then the voice service will say, well, that's great. Have a good day. But if the senior says, I'm feeling crummy, Then the voice recognition service will say, I'm sorry to hear that. Would you like me to call your daughter? Would you like me to call your caregiver? And then the senior gets to answer.
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