Housing trends for 55+ market released
The National Association of Home Builders and the MetLife Mature Market Institute recently released a joint study entitled, "Housing Trends for the 55+ Market."
The study shows that the recession has made buyers in the 55 and over age group more practical when purchasing a new home, focusing more on financial concerns than design considerations.
"By the year 2020, as baby boomers move into this age bracket, almost 45 percent of all U.S. households will include someone at least 55 years old," said David Crowe, NAHB's chief economist. "The number of those households seeking housing better suited to their changing needs will therefore rise dramatically."
This year, Crowe predicts that there will be 54,000 housing starts in 55+ communities, representing a 30 percent increase from 2010 levels. This number is expected to grow to approximately 79,000 units in 2012.
The projected growth in home sales for this demographic will be helpful to construction firms, which can use construction software to help build homes that meet both the financial concerns and design considerations for the 55+ market.
In November, the NAHB released a report, which showed decreased confidence among builders in the mature market sector. With anticipated growth in home sales this year, confidence should rise.
The study shows that the recession has made buyers in the 55 and over age group more practical when purchasing a new home, focusing more on financial concerns than design considerations.
"By the year 2020, as baby boomers move into this age bracket, almost 45 percent of all U.S. households will include someone at least 55 years old," said David Crowe, NAHB's chief economist. "The number of those households seeking housing better suited to their changing needs will therefore rise dramatically."
This year, Crowe predicts that there will be 54,000 housing starts in 55+ communities, representing a 30 percent increase from 2010 levels. This number is expected to grow to approximately 79,000 units in 2012.
The projected growth in home sales for this demographic will be helpful to construction firms, which can use construction software to help build homes that meet both the financial concerns and design considerations for the 55+ market.
In November, the NAHB released a report, which showed decreased confidence among builders in the mature market sector. With anticipated growth in home sales this year, confidence should rise.
Powered by Zift Solutions and Hall