The National Association of Home Builders (NAHB), along with MetLife Mature Market Institute, has completed a study that shows that homebuyers over the age of 55 have become much more practical when choosing a new home to move into. At the top of the list of changes? Financial concerns. Design considerations have become less important.
As Baby Boomers approach the age group of 55+, we will see more and more people choosing homes and relocation practices that suit their ever-changing needs. We will also begin to see even more changes in where such homebuyers get the money to pay for their new homes – whether it comes from savings, cash, or other sources.
It is also interesting to note that there is a trend of 55+ homebuyers moving into active adult and retirement communities rather into other types of residential neighborhoods. Overall, most consumers of this age that choose to move into age-appropriate communities do so because they yearn for a better quality of life.
This relocation based on the idea of an improved quality of life stems from many of these homebuyers wanting to be closer to their grown children and other family members. With this trend, we are also beginning to see more and more retirees moving closer to neighborhoods catering to younger families. This mix in the community allows for much-needed diversity throughout various regions in the country.
– Jon Huser
