US University Building 'Noin Jutaek'... "School Earns Money, Residents Get Lifelong Education" [Senior House]

[18] American Universities Building Senior Housing

US 'University-Based Retirement Villages,' Over 400 by 2032
Primarily Used by Middle-Class Seniors
Continuous Care System: Enter Healthy, Move to Nursing Homes if Sick

"Income for Universities, Lifelong Education for Resident Seniors"
"A Good Business Model for Local Korean Universities"

Interview with Professor Kim Jeong-geun, Department of Silver Industry, Gangnam University

"In the United States, there is something called a 'University Based Retirement Community.' Since university campuses are quite large, they create a silver town within them. The elderly residents can attend university classes alongside students and also use facilities like gyms and libraries. Many universities in Korea are struggling with deficits, so this is truly a business model that perfectly suits Korea."

In November last year, the American football team from Pennsylvania State University spent time interacting with elderly residents of 'The Village at Penn State,' a university-based retirement community. Photo by The Village at Penn State Facebook page

On the 25th of last month, Professor Kim Jeong-geun of Gangnam University's Department of Silver Industry recalled his experience visiting a 'University Based Retirement Community' near the University of Wisconsin during his studies in the U.S. He said, "Not all senior housing is good just because only elderly people live there," adding, "In fact, creating exclusive complexes only for the elderly can be risky as it may become closed off and isolated, so it is important to create opportunities for interaction with other age groups."

In the U.S., with the emphasis on active retirement lifestyles and lifelong education for baby boomers, universities have begun to serve as 'retirement villages.' This type of community is called a 'University Based Retirement Community' (UBRC) in the U.S. Professor Kim explained, "It is a win-win structure where universities can generate income, and the elderly can receive lifelong education."

Professor Kim Jeong-geun of the Department of Silver Industry at Gangnam University is being interviewed by Asia Economy in his office. Photo by Jo Yong-jun jun21@

- How active are 'University Based Retirement Communities' in the U.S.?

▲ The American Association of Retired Persons (AARP) expects that by 2032, there will be over 400 'University Based Retirement Communities.' This indicates high demand. The costs are comparable to high-end senior welfare housing in Korea. Considering that the cost of living in the U.S. is much higher than in Korea, it can be said that middle-class American seniors reside there. For example, the monthly rent at the 'Oak Hammock' community of the University of Florida varies from $3,000 (about 4.09 million KRW) to over $4,000 (about 5.45 million KRW), depending on the size and number of rooms. The initial move-in cost averages around $300,000 (about 410 million KRW). Residents live in a continuum of care system, starting from 'independent living units,' which are equivalent to Korean senior welfare housing, and move to nursing homes when their health declines.

- The 'continuum of care system' stands out.

▲ That is a key difference from Korea. In Korea, senior care facilities and senior housing are legally separated and not linked. As a result, when people think of senior housing, they tend to think of 'nursing hospitals.' The 'University Based Retirement Community' operates by allowing residents to move in while healthy and relocate to more supportive housing as their health deteriorates. The perception that senior housing is a place to go only when sick needs to change. In Korea, the Seoul Senior Tower Gaya Tower has a continuum of care system divided into three stages: 'independent living - assisted living - nursing home.' Assisted living is an intermediate type between independent living and nursing homes, housing seniors showing early symptoms of geriatric diseases.

- Are there 'University Based Retirement Communities' in Korea?

▲ The Classic 500 by Konkuk University Foundation and Elfenheim by Myongji University can be mentioned. However, these are high-end senior welfare housing and differ from the U.S. 'University Based Retirement Communities.' Interaction with the universities is also limited compared to the U.S. For example, The Classic 500 offers health, exercise, and nutrition management programs provided by professors and nutritionists from Konkuk University Hospital to residents. In contrast, the U.S. communities have active exchanges. Seniors participate in university courses for a fee, and graduate students majoring in sports run fitness programs for the elderly. There was even a case where a senior veteran of World War II gave a lecture in the university's history class.

Last November, on Veterans Day in the United States, veterans shared their military experiences with children attending a nearby school. These are 18 veterans currently residing at Oak Hammock, the UBRC at the University of Florida. Photo by Oak Hammock at the University of Florida website

- Are there cases in Korea where seniors engage with society based on their residential areas?

▲ Seniors are changing. They do not consider themselves old. They have a desire to gather with like-minded people to volunteer or pursue hobbies. The nonprofit organization 'Good Neighbors' is preparing to establish senior housing through its foundation. There has been demand for senior housing mainly from seniors who have donated to Good Neighbors. They conducted interviews with potential residents, who expressed a wish to live together with people who share their values, help children, and volunteer. They have already purchased land, but construction has been temporarily delayed due to rising building costs.

- The Korean government announced a policy in March to supply sale-type senior welfare housing mainly in depopulated areas.

▲ It seems Korea is trying to isolate seniors by concentrating them in one place. The global trend now is for seniors to participate in local communities and interact with various generations. Senior housing consists of three components: 'hardware,' the building itself; 'software,' the programs inside the housing; and 'humanware,' the connection between residents and the local community. Everyone eventually needs to go to a nursing home, but until then, seniors should be able to live in their familiar environment, continue socializing with neighbors, and enjoy their later years. Korea should design senior housing systems that enable 'Aging in place,' like the 'University Based Retirement Communities' in the U.S.

Professor Kim Jeong-geun of the Department of Silver Industry at Gangnam University is being interviewed by Asia Economy in his research office. Photo by Jo Yong-jun jun21@

▶Who is Professor Kim Jeong-geun? He is a professor in the Department of Silver Industry at Gangnam University. Although he earned his bachelor's and master's degrees in economics, his interest shifted to aging. He went to the U.S. to study social welfare and earned a Ph.D. He gained expertise as a postdoctoral researcher at the U.S. Federal Institute on Aging, then returned to Korea to work as a senior researcher at Samsung Economic Research Institute before joining Gangnam University as a professor. His main research areas are senior housing and senior economic policy.

18. Universities Building Senior Housing in the U.S.