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Homebuilders are turning their attention to the seniors housing market now that members of the post-World War II baby boom are starting to become old enough for active-adult housing.
At least one local builder, David Godbolt of Sentinel Construction in Kingston, has turned his business in that direction, doing modifications such as wheel chair ramps and other things that allow senior citizens to stay in their homes rather than have to move to assisted living facilities. The firms business plan seems to dovetail with the findings in a new publication by Margaret Wylde, Boomers on the Horizon Housing Preferences of the 55+ Market.
While the business potential for this segment of the housing market is growing fast and expected to reach record proportions in the next decade, the product itself is undergoing a significant transformation to meet the changing characteristics, preferences and shopping habits of aging boomers.
Among research findings that deserve careful attention when planning for this market:
- Large numbers of 55 year olds will continue working after they move into an active adult housing community.
- On average, 1.9 people live in 55+ households.
- Thirty percent of 55+ households want to live in a rural area, 33 percent prefer the suburbs and 32 percent are in the market for close-in suburbs.
- Sixty-eight percent of the 55+ homeowners would prefer a single family detached home.
- Thirty-one percent of the 55+ homebuyers want the laundry equipment near the kitchen, 26 percent want it near their bedrooms and 16 percent want it in the basement.
- The typical 55+ homebuyer shops for eight months and views seven new homes and seven existing homes. Younger and wealthier homebuyers shop longer and visit more homes.
- The top six amenities 55+ homebuyers are looking for are: walking and jogging trails (52 percent), outdoor spaces (51 percent), public transportation (46 percent), open spaces (46 percent), a lake (37 percent) and an outdoor pool (30 percent).
Boomers on the Horizon is available from BuilderBooks.com for $69. National Association of Home Builders members pay $55.20. Copies can be ordered online or at (800) 223-2665. |