Seniors are increasingly heading back to college, and many universities believe they’ll want to buy a home nearby too.
State government subsidies for higher education are below prerecession levels and traditional students are saddled with college debt—causing universities to look 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 on or near campus cater to baby boomers who may wish to take an occasional class or pursue their academic interests. Some baby boomers also view it as an opportunity to mentor younger students.