SOME BOOMERS, ARE “BABY” BOOMERS

A few years ago the NAHB and MetLife Mature Market Institute conducted a comprehensive study dedicated specifically to analyze where 55+ households live, the characteristics of their homes, communities, where they moved to and from, as well as other key demographic information.

The key findings of the study are quite interesting and are reminders that knowing what others, in this case, the 55+/AQ demographic, should not solely be based on historical behavior, if at all.  We are living longer. We are having children later in life. We are getting married more than once and having kids with each.  To put it plainly, the Baby Boomers of today are not like the Age Qualified for our parent’s era nor our grandparents

Did you know?

  • The majority of 55+ households do not live in age-qualified (i.e., age-restricted) or other communities occupied mostly by 55+ households.
  • Senior-related housing accounts for 8% for buyers 53 to 62 years old
  • One in five buyers aged 53 to 62 purchased a multi-generational home.
  • The share of households age 55+ is projected to grow annually, and to account for nearly 45% of all U.S. households by the year 2020.
  • Buyers 53 to 71 (Baby Boomers) made up the second largest generational group of home buyers at 32 percent.
  • The desire to be close to family and friends is often a driver for the 55+ households.
  • The share of 55+ single-family customers who work at home continues to rise and will increase the demand for office space inside the home.
  • Convenience to a job (46 percent), quality of school districts (33 percent), and distance to schools (31 percent) were a few of the most important factors to buyers 38 to 52 years. (Important to know because of the multi-generational living and aging-in-place homeowners)

Links to 55+/Age Qualified resources used:

Home Buyer and Seller Generational Trends Report (NAR)

Housing Trends Update for the 55+ Market

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