Rising senior population leading to big demand in 55+ communities in booming Raleigh

Sean Coffey Image
Wednesday, September 20, 2023
Rising senior population leading to big demand in 55+ communities
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New data shows there's a different demographic on the rise in the "City of Oaks."

RALEIGH, N.C. (WTVD) -- When people think of the Triangle's recent growth, many think of young professionals and recruitment from the area's major universities.

However, new data shows there's a different demographic on the rise.

"We have a lot of folks are moving from places where they're away from their adult children. They want to be closer to them," said Jaime Pacheco, General Manager at The Cardinal at North Hills, a 55+ luxury apartment complex that's seeing occupancy and demand soar.

According to city officials, Raleigh residents 65 and older accounted for 8% of the city's total population in 2010, 9% in 2015, and nearly 11% in 2020. As of the latest survey, it was over 12% -- and climbing.

"As the population grows, as people are moving to Raleigh specifically for this desirable destination and live closer to their adult children, the need is here," Pacheco said.

Sitting in the library of The Cardinal's newest building, 91-year-old Alice Irby is one of those transplants. Originally from Halifax County, Irby moved to Raleigh to be closer to her daughter, before settling into The Cardinal in July. She says her story is a typical one.

"You know, Raleigh's a growing city, and so a lot of young people are moving here and doing their parents decide to move into a retirement facility. This is a natural place for them to come," Irby said.

It's not just the high rises that are in high demand, either. In Cary, Carolina Preserve is a community of 1360 homes for folks over 55, and they're going -- fast.

"Right now there are only two active listings on the market. There are six that are under contract, so pending. And our average number of days since January 1st has been about ten to 15 days on the market," said Jane Lee, a real estate broker for the community.

Lee believes major companies like Apple and Amazon are making the area attractive to workers, and the temperate weather is an added draw for parents.

"When you add to that that we have access to great medical care here, so many retirees researched the areas in advance, wanting to make sure that their medical needs can be met," Lee said.

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