Baby Boomers' preferences in real estate are different than their predecessors. We won't talk about age here. BUT if any of this applies to you, well, we won't tell anyone.
The Baby Boomers, who are currently age 45 to 63, have had an impact on society, starting with their childhood to their transition into retirement. Recognizing the importance of this influential generation on the housing industry, the MetLife Mature Market Institute (MMI) and the National Association of Home Builders (NAHB) embarked on a research project that closely examined the 55+ population (the "Boomers" as well as older cohorts) preferences in homes and communities as well as the housing industry's response to consumer demand. The end result is "Housing for the 55+ Market: Trends and Insights on Boomers and Beyond", one of the most comprehensive reports dedicated to this segment.
One of the most interesting items in the report was that they want smaller homes that are easier to take care of. The preferred size of those surveyed is 1,903 square feet.
Other key findings:
• The majority of 55+ households do not live in age-restricted (also called age-qualified) or other 55+ communities. Yet, that number is on the rise. Residents in this type of community registered the highest satisfaction rates. However, most 55+ respondents indicated they were happy with their current homes.
• The main reasons for moving to a 55+ owner-occupied community were family or personal reasons, financial or employment reasons and the desire to have a higher quality home. In multi-family communities, family was the number one reason. But, reducing costs and increasing quality were also top priorities.
• Within the community, design and looks were most important to 55+ single-family home buyers.
• The share of all 55+ buyers of newly built homes using a mortgage has increased significantly in the past six years. However, for other 55+ communities, there was a decline from 54% in 2001 to 40% in 2007.
• Even though we would expect home value and home size to be related, this does not appear to be the case in 2001-2005. The overall rapid price appreciation across homes of all sizes during this period appears to be driving these results.
Liz Miller, Just Call Liz for your Lake Havasu real estate needs
Good Article. Received a lot of good info from Active Rain.
Very interesting info, Liz...I didn't know the 55+ community statistics until I read this blog post! :)
Leilani