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Story courtesy of the Home Builders Association of Greater Savannah
Photographs courtesy of ARA Content
Aging baby boomers do not see themselves trading down when it comes to purchasing a new house; instead they expect to be moving up to the best housing they have ever experienced.
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Those reaching retirement age prefer a smaller house with quality products and amenities to a larger house with fewer amenities.
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The United States population of 77 million baby boomers those born between 1946 and 1964 is a growing market force in the housing industry, according to speakers at the National Association of Home Buildersı (NAHB) recent ³Building for Boomers and Beyond² Seniors Housing Symposium in Chantilly, Virginia.
Experts at the symposium reported that the population of citizens 50 years of age and older is looking for new housing, but not within the context of retirement traditionally associated with this age group.
Although it is difficult to make generalizations about this independent-minded generation, these experts said that aging boomers do not see themselves trading down and instead expect to be moving up to the best housing they have ever experienced, even if it means taking out a hefty mortgage to finance these lofty housing aspirations.
The home buying preferences of this segment of boomers is consistent with what NAHB is finding in overall home buying trends, meaning that given the choice of more space or higher quality features, new home buyers are overwhelmingly opting for the latter.
When asked to choose between a bigger house with fewer amenities or a smaller house with high-quality products and amenities, 63 percent of the homeowners surveyed (representing a variety of age demographics) by NAHB favored downsizing to the home with the bells and whistles.
A study conducted two years ago by Countrywide in conjunction with NAHB found that one-fourth of home buyers aged 50 and older were paying more for the home to spend their golden years than for their previous home, and their new homes were likely to feature next-generation amenities like structured wiring and exterior maintenance services.
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