03 Jul Why Boomers May Be Looking Local for Retirement
Written by: NAHB
More baby boomers continue to work past the age of 65, but many are still looking toward retirement, including downsizing their current home and finding a location that fits their lifestyle. Because they may still be working full or part time, however, they may not have the flexibility — or desire — to move to more destination-oriented locations.
To meet this growing demand, builders are looking toward less traditional locations to create housing for 55+ home buyers. Major developers have started to construct in areas around Boston, Minneapolis and Newark, N.J., for example, to match the needs of this working demographic — a trend likely to continue as the oldest members of Generation X are now starting to reach the age of 55.
“This is a real opportunity for builders to capitalize on the boomer population — a large, affluent demographic with equity to trade into a new home,” observed Deborah Blake, principal at The Ipsum Group. “Builders are able to start with smaller communities — around 300 to 500 units or less — in locations that you wouldn’t necessarily think of for communities in the past.”