The housing market for retirees and empty nesters is looking up. In August, the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) reported that the 55+ single-family index increased to its highest level since the index began in 2008. In addition, last quarter was the 11th consecutive quarter of year-over-year improvements. Consumers’ ability to sell their existing homes at favorable prices is only fueling the increase in home sales.
More boomers, more buying power
The youngest boomers have begun turning 50 this year. And 10,000 more will turn 65 every day until 2030. Talk about buying power. According to the Chairman of the NAHB’s 50+ Housing Council, Steve Bomberger, homebuyers in the 55+ market have high expectations when searching for the home in which to spend their golden years.
As more and more boomers turn 55, builders of homes inside age-restricted communities should keep their preferences in mind.
In a study titled “Housing Trends Update for the 55+ Market,” the MetLife Mature Market Institute found that:
- On average, residents of age-restricted communities rated their home a 9 on a scale of 1 to 10 (with 10 being the best)
- Primary drivers for moving to an age-restricted community are family/personal reasons and the desire for a higher quality home
- Proximity to work is another popular, although less common, reason for choosing an active adult community, signifying many residents move into active adult communities while still in the workforce
- When choosing a specific 55+ community, proximity to family and friends is a key factor
It’s no surprise that a single-story residence is a key feature for any homeowner 55+. According to AARP, some of the other amenities baby boomers want most in their communities include:
- Garden plots
- Walking/jogging trails
- Outdoor pools
- Local drug/convenience store
- Public transportation
Some of the popular in-home amenities on the wish list are:
- Energy-Star rated appliances
- Dedicated laundry room
- Ceiling fans
- Exterior lighting
- Bathroom linen closet
Master-planned communities like Nocatee offer 55+ buyers the power of choice. More traditional neighborhoods like Enclave at Town Center offer slightly smaller homes located within walking distance to shops, while age-restricted communities like Del Webb Ponte Vedra allow buyers to surround themselves with neighbors in the same stage of life.
To learn more about new homes available in Nocatee, visit the Nocatee Welcome Center or call 1-800-NOCATEE.