I do buy it. There are a significant number of well-off retirees in my apartment complex. From the ones I've talked with, they love it. There's more to life than money, and many of them found their single family homes isolating and the stuff in them burdensome. There's a lot of mental energy that goes into taking care of a home, organizing all of the upkeep etc. They don't have to deal with any of that in an apartment. They don't have to vet repair companies or gardners or compare quotes. Living in our apartment complex they get to talk with a mix of people which keeps life interesting and alleviates loneliness, they get to walk to amenities like pools/gyms that their single family homes did not have, also they're closer to a major airport which makes those bucket list trips less burdensome AND they're closer to top hospitals for treatments. It's more expensive yes, but they're getting a value out of it that is worth the cost to them.