Minnesota is the leader in cooperative housing with 79 of the nation’s 103 senior-citizen housing co-ops. There is no end in site to the growth, with new facilities opening in Shoreview, Burnsville, Bloomington and Champlin.
This growth is fueled by several factors, including how wonderful it is to feel like you own the space you live in and you have a say in the policies and budget. People are also healthier as they grow older today than they were years ago. They are not ready for assisted living and this is a great alternative living style. Many Minnesotans living in these facilities also share how wonderful it is to have people around them where they live.
While they can be a challenge to get started, there are many advantages in the end, making the process worth it. They can set policies regarding age of residents so residents have some common ground right from the start as far as where they are in their life. They can also be exclusive to ensure residents are a good match for one another.
There is also a financial benefit since residents don’t own real estate and don’t have to worry about what the marketing is doing; they own shares in the co-op. These shares tend to appreciate over time, slowly, and are fairly easy to sell since there is almost always a waiting list and very little paperwork is involved.
If you are looking to downsize and not ready for assisted living, a housing co-op might be the perfect solution for you.