The Importance of Retirement Community Characteristics: Viewpoint of a Maturing Population

Abstract

This study delineates the relative importance of retirement community characteristics among a preretirement population. The data were collected from an independent, random, age-stratified sample of employees from nine land-grant universities. Respondents were asked to identify the degree of importance that each of twelve community characteristics would have in determining their community-of-choice for the first ten years of retirement. The characteristics deemed more important by respondents included: medical facilities, low utility rates, low cost of living, library facilities, and recreational facilities. Medical facilities were important to 96 percent of respondents. Chi-square and gamma analyses were used to determine how income, age, and self-reported health affected the desired level of medical service. Those with higher incomes, those who were older, and those in poorer health wanted higher levels of medical service. Eighty-six percent required that a hospital be within a 20 to 30 minute drive. Discriminant analyses were used to identify variables which could predict the importance of a community characteristic to a respondent. The desired age mix in a prospective retirement community was the most predictive in five functions: libraries, educational opportunities, malls, medical facilities, and volunteer opportunities. Other factors that proved useful predictors were income, age, education, and spouse’s education. Communities who wish to attract and retain retirees need to consider the specific characteristics of the retirement group they want to attract.