January 19, 2010 - A survey of
consumers and builders, conducted in 2009 by the National Association
of Home Builders (NAHB) and the MetLife Mature Market Institute, has
yielded a new round of data revealing the housing preferences of the
55+ consumer. This analysis of data – the third in a series – compared
the preferences of the 55-to-64 year old age group to those of the 65+
group.
The
data uncovered a strong similarity in housing preferences between the
two groups, with a few exceptions. The younger age group showed more
interest in technology-heavy features, while the older group expressed
a stronger preference for a single-story floor plan or one with a
first-floor master bedroom, and a variety of universal design features.
One
striking difference, according to John Migliaccio, director of research
at MetLife’s Mature Market Institute, related to the desire for home
services and community services.
"Very
telling, said Migliaccio, "is that the younger group of mature
consumers reported enthusiastically that they want services like home
maintenance and repair as part of their next home purchase, along with
services typically connected to older homeowners, such as housekeeping,
onsite health care and transportation," noted Migliaccio.
According
to Migliaccio, all of the aforementioned were ranked higher than the
desire for organized social activities – a surprise, inasmuch as social
activities and amenities have been thought to be valued quite highly by
this group. This finding, he said, supports an emerging trend among
builders to look for ways to partner with providers of such services to
the residents of their active adult/lifestyle communities.
According
to Mike McGowan, a 50+ builder from Binghamton, N.Y. and chair of
NAHB’s 50+ Housing Council, "Most buyers in this market are looking for
an easy-living lifestyle. They would like access to services that will
free up their time from maintenance both inside and outside their
homes. This data tells builders that the homes we build for older
active adults will remain attractive to the consumers who will be
entering that market for the foreseeable future."
Paul
Emrath, NAHB’s vice president for survey and housing policy research,
pointed out that the share of households that will want
lower-maintenance housing is large, and growing larger as Baby Boomers
age into that segment of the market. He cautioned that the current
financial situation has led to sharply decreased construction of
communities that serve the mature market. Without a change in the
availability of capital for development and construction, there could
well be a shortage of such housing when it is most needed.