Baby boomers are a huge generation when you consider the fact that they easily span two decades – 1946 to 1964. The youngest have crossed the 50-year threshold while the oldest are close to 75. Over a third of the population is single women. Boomers are expected to purchase homes worth $1.9 trillion, including ranch homes in the next five years.
It is expected that a little less than half the population will move. However, only about 20% will venture far from their current addresses. While baby boomers may not want to go too far from their current place of residence, diversity is an important purchasing factor.
Diversity is Important
Many baby boomers are seeking a lifestyle change. Gone are the days when traditional retirement communities held appeal to the older age group. Instead, younger boomers are looking for master-planned communities and ranch homes where they know they will lead socially comfortable lives in a diverse neighborhood. In fact, there are several “stroller-to-walker” neighborhoods that offer amenities to older residents and young families alike.
Developers are focusing more on creating community amenities and clubhouses that gives people a chance to step out of their homes and interact with other residents. The baby booming generation is all about interacting and becoming friends with people of all ages. They want their retirement homes to offer that kind of diversity.
Warm Weather is a Major Attraction
There was a 57.4% increase in sales in the resort market in the past year as told by the National Association of Realtors Chief Economist Lawrence Yun. Baby boomers are coming quite close to purchasing their second home for retirement and converting it into their primary residence. Fun in the sun is appealing to most boomers.
Florida has once again become the hub of retirement construction with many people looking for their retirement homes. In fact, places like the once-sleepy Venice are observing a spike in construction. The market is looking strong and prices are again up.
Luxury as a Way of Life
Baby boomers are usually savvy buyers with a good handle on their wants and ways to make those needs come true. For many, their next house will be the home of their dreams. Many are expected to downsize on the square footage while upsizing everything else.
People are looking for efficient floor plans because they want to bring in their furniture and still have the same kind of space they are used to. They are looking for homes with superior construction and the best finishes even if they are a bit on the expensive end.
The ability to personalize a home has become immensely popular with this generation. Baby boomers are looking for homes that speak volumes about them as a person. They want their next purchase to be exactly ‘their way’.
Low Maintenance is Key
For many couples, not having to make costly repairs to vintage homes is a major deciding factor. Baby boomers are more attracted to new construction because of their defect-free aspect, especially when purchasing newly constructed ranch homes.