Move over Millennials. They may be the largest segment of first-time buyers, but empty nest Baby Boomers are in the perfect position as sellers. And what will they do after they sell their old home to a young family? Buy a new home, of course.
The 55+ Housing Market Index hit an all-time high in Q4 of 2017, and it’s expected to get higher. The National Association of Home Builders (NAHB) notes that by 2019 45% of households will be headed by someone who’s 55+ years old. Baby Boomers are cashing in on their appreciation and leveraging it to build new homes for their current lifestyle. Because of these trends, new homes for Baby Boomers are a top priority for builders.
Never before has such a large share of new housing been geared towards active seniors. Here’s why it’s a great time to be a Baby Boomer looking for a new home.
Developers Are Building Smaller Homes – Which is Perfect for Baby Boomers
Baby Boomers that are ready to downsize are the perfect buyers for new homes. Due to rising construction costs, lot limitations and concerns over affordability more developers are building smaller homes. That means there are a lot of available home designs that work for Baby Boomers’ needs, lifestyle and budget.
In 2015 new homes were the biggest they’d ever been at 2,520 square feet. The median size had shrunk to 2,457 square feet in 2017 and are even smaller this year. Lots are also getting smaller. For empty nesters that are looking for low maintenance homes, the trend is moving in the right direction.
Another great aspect of these smaller homes is that they often have open floor plans to create a more spacious, flexible feel. Open floor plans are something that PulteGroup surveys have found is high on the Baby Boomer wish list.
Aging in Place Design is Also Becoming the Norm
Aging in place design may have been conceived to help older people live comfortably in their homes for longer, but it’s quickly becoming the norm in many new homes. People have found that the elements that go into aging in place design offer more convenience, functionality, and safety for everyone in the home.
These design elements make it easier to live at home as you age. Perfect for Baby Boomers that are looking for a new home in retirement.
New Homes With Amazing Amenities
Who wants to spend their golden years maintaining features when the work can be done for you? Many of today’s new master-planned developments have community amenities that cater to Baby Boomers. Some are even being developed specifically for older buyers that are ready to live a life of leisure during retirement.
You’ll have to pay an HOA fee, but the upsides are usually worth it. Amenities like a community pool, hike and bike trails, dog parks, tennis courts, gyms, and club memberships make it easy to stay physically fit. They’re also a great way for empty nesters to stay socially active. This is something developers are taking note of because Baby Boomers want to live in neighborhoods where there’s a sense of community.
Home Quality is Up, Largely Because of Baby Boomer Demand
Even if Baby Boomers are downsizing it’s still a move up in terms of quality. People who have worked hard their whole life to reach retirement want to be able to live in a home that offers upscale features and finishes.
Smart technology is one such feature that’s becoming increasingly more common. These features make home operation easier and increase efficiency. They may seem like luxury touches, but for Baby Boomers, they’re almost expected.
Location is also a big factor for Baby Boomer buyers. With the help of myHouseby.com you can find fantastic communities that are close to family, friends and additional amenities. Try it today!