The following summary is from the 55+ market report findings prepared by the MetLife Mature Market Institute and the National Association of Home Builders.
During the “Great Recession”, the average income for 55+ households dropped from an average of $36,000 in 2007 to $34,000 in 2009.
In 2009, more than 27% of age-qualified active adults earned $100,000 or more compared to less than 5% in 2001.
The median price of a new home designed for the 55+ market segment was $300,000 in 2009. The median price of an age-restricted community home in 2005 was $320,000.
When 55+ households buy new homes, their homes are upgraded in features but in price.
Less than 1% of the 55+ households reported having a reverse mortgage.
67% of those taking advantage of a reverse mortgage were between 62-79 yrs. old.
2011 new housing starts for 55+ communities approximately 54,000
2012 new housing starts for 55+ communities approximately 79,000
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