The affluent and aging Baby Boomers are downsizing and buying new homes with less responsibility and less space to maintain. An overwhelming number of them are gravitating to communities that are only open to residents over age 55.
“The 55+ housing market has been one of the healthiest segments of the overall housing market, and is likely to remain that way over the next several years,” said Paul Emrath, National Association of Home Builders (NAHB) vice president of survey and housing policy research. “When you look at age-restricted single-family starts, there were as many in the first half of 2014 as in all of 2012. And going forward, the steady rise in the 55 and over population will signal an increased need for housing to accommodate that group.”
The primary attraction to these 55+ communities is that there are no children, however many of these communities are offering resort-like amenities that are also very attractive to boomers. Swimming pools, putting greens, tennis courts, fitness classes and lawn maintenance services are just a few of the amenities that are attractive to these active seniors.
So is this targeted trend here to stay? “We are seeing more consumers actually make the decision to buy a new home as they are able to sell their current home at an acceptable price,” said Steve Bomberger, chairman of NAHB’s 50+ Housing Council. “We are busier now than ever before. And I don’t think it’s going to slow down anytime soon.”
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