What with traditional students being saddled with ever-growing debts, some universities are looking to seniors as a new source of income, and they believe those people may also be interested in buying homes near their campuses too.
Universities are increasingly looking at retired baby boomers as a promising source of income, The Wall Street Journal reports. As such, several colleges are taking advantage of their extra land to develop upscale senior housing, looking to generate extra profits.
Senior living facilities at college campuses are rare, but when they do exist they typically cater to baby boomers that might want to take an occasional class or pursue new academic interests.
Lasell University near Boston built one of the first on-campus senior communities 20 years ago. Those who live there are required to take 450 hours of coursework or activities every year. Other colleges have followed suit, such as University of Michigan, Oberlin College in Ohio, and others. The University of Central Florida meanwhile is planning 296 retirement homes for an off-campus community that will cater to seniors called Legacy Pointe. It will offer transportation to campus for courses and also will bring in its medical students for rotations.
“There were a lot of things that I didn’t think I was good at in college that I know I am now,” Elizabeth Ewing, 78, told The Wall Street Journal. “Math, statistics, engineering. I’d kind of like to see what all that’s about.” Ewing is a retired fashion designer. She and her husband recently purchased a home that is in a new community near the State University of New York’s Purchase College.