The Baby Boomers are now age 47 to 65 with age 55 being the legal threshold for housing to be age-restricted and designed specifically for this market. The National Association of Home Builders and MetLife Mature market Institute undertook a study entitled: Housing for the 55+ Market: Trends and Insights on Boomers and Beyond. In the report Executive Summary, it states that this report is one of the most comprehensive studies of a specific market segment.
I wanted to pass along the key conclusions of the report on my blog. The following findings are taken directly from the report:
The majority of 55+ households DO NOT live in age-restricted communities.
Age 55+ households are expected to be 45% of all U.S. households by 2020.
The “Great Recession” has made 55+ new home buyers to be more practical.
The “Great Recession” has had a significant impact on how 55+ households finance their new home purchase. As an example, only 55% of the 55+ new home buyers used the sales proceeds from the sale of the existing home as the down payment. This is down from 97% in 2007!
The primary reason why 55+ move to age-restricted communities is to be closer to family and friends while upgrading the features of their new home.
Although not cited as a primary reason to move, 55+ age-restricted communities are typically well located to community amenities and transportation corridors. “Work-at-home” opportunities will become more common with technological advances, company flexibility and the cost of commuting. The home design will change to accommodate at least one office in the home.
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