Health is Wealth

I recently ran across this article written by one of my Compass corporate colleagues. It really resonated with me, as I recently had elderly clients move back from their dream destination due to the lack of good healthcare where they had relocated. They ended up losing money on the sale of the home they had only lived in for eighteen months and had to pay a much higher price for a home here.

Nationally, the Mayo Clinic in Rochester, Minnesota, continues to rank as the best hospital in the country. Ranking second in the 2022–2023 rankings is Cedars-Sinai Medical Center in Los Angeles, followed by NYU Langone Hospitals in New York, Cleveland Clinic, Johns Hopkins Hospital in Baltimore, and UCLA Medical Center in Los Angeles.

However, for overall healthcare quality, Boston shines!

For many homebuyers, easy access to top-quality healthcare may be a critical decision-making factor. Boston, Minneapolis–St. Paul, Philadelphia, Los Angeles, New York, Baltimore, Chicago, San Francisco, Ann Arbor, San Jose, Houston, Seattle, Cleveland, Phoenix, Tampa, Washington, DC, Denver, Miami, Detroit, Atlanta, and Dallas consistently have some of the best healthcare and hospital systems in the US.

Many homebuyers don't think about this aspect when buying, but many do, especially older buyers who may need more healthcare than younger buyers. The oldest older adults (ages 85 and older) have the highest per capita utilization of health services, and that population is expected to increase from 5 million to 9 million by 2030. Areas with older populations are more likely to have higher healthcare demand.

So, when exploring a place to live, it may be wise to evaluate your potential healthcare needs for the next decade or so, along with the access, availability, quality, and cost of care in the area you are considering. Might a parent move in with you in the future? Is there a sufficient and growing population of professionals willing and qualified to provide care? Are there outstanding healthcare education institutions in the area? Home care for the elderly will also require an increasing number of workers as the population continues to age.

Remember, health is wealth! And quality healthcare adds to real estate demand and property values.