Some Like it Hot, Some Like it Cold, Most Like it Here: Forecasting Retirement in the Chicago Region

Over the next 20 years, an explosion of senior citizens who will opt to retire in the region rather than move away will change the face of the Chicago metropolitan region dramatically. This study, forecasting retirement trends in the 6-county Chicago metropolitan region through the year 2020, projects an overall 40 percent increase in the regions population of seniors who are age 60 or older. The increase outpaces the regions expected 16 percent growth in overall population over the next 20 years.

The number of seniors not living in designated senior housing will increase by 18 percent in the City of Chicago, 22 percent in suburban Cook County, and by 58 percent in the collar counties. An additional 28,000 seniors are expected to be in the market for designated senior housing by 2020 and this demand is likely to outpace current supply.

The study found the regions seniors who are retired or considering retirement are most concerned with (by ranking of importance):

-- Availability of quality medical care
-- Cost of living
-- Availability of assistance and social services
-- Public transportation
-- Affordable housing
-- Opportunities for culture and recreations
-- Availability of high-quality housing with full services programs