Research on Aging Baby Boomers Provides Insights Into Housing Preferences - 5/24/2004 - Home Remodeling Interior Decorating Design

Research on Aging Baby Boomers Provides Insights Into Housing Preferences

Focused on seniors housing but of interest to any professional in the industry who wants to capitalize on this big demographic chunk of the marketplace, speakers at NAHB’s Senior Housing Symposium, “Building for Boomers and Beyond” in Chicago on April 14-16 presented an impressive bundle of research aimed at fleshing out these prospects.

“If you want to build homes for today’s older Americans — men and women 50 or older — and are wondering where you will find them, don’t look in a rocking chair,” advised Nanette Overly, director of sales and marketing for EPMARK, Inc. in Dublin, OH.

The concept of retirement housing is outmoded, Overly said, and today’s aging baby boomers don’t envision spending the rest of their lives playing bridge or shuffleboard and tucking into early dinner smorgasbords. They don’t even like to be called seniors, she said, and they are not expected to be flocking to warm weather destinations.

Overly cited an NAHB survey finding that two-thirds of the home builders polled expected their older customers to stay close to their existing community or within their state when they decide to relocate. And the Joint Center for Housing Studies of Harvard University projects that the active adult population will be geographically distributed roughly in proportion to where baby boomers and their parents currently live, she said.

That same Harvard study found that no less than 10% of each state’s population will be over 65 by the year 2025.

Other things Overly said are worth noting about this age group include:

• They are expected to remain mobile and independent longer than previous generations.
• They are better educated and want to continue studying. About 32% of this group will be college graduates by 2019, twice as high as 25 years earlier. The North Carolina Center for Creative Retirement at the University of North Carolina – Asheville is one of several institutions that have sprung up around the country catering to this market, said Overly.
• They are more affluent; only 10% are considered poor today, down from 30% in 1960.
• Boomers look favorably upon returning to places where they spent their youth and they are buying homes in college towns.
• Travel and adventure are at the top of their list, ranging from such National Geographic pursuits as rafting the Colorado River, sea kayaking in Hawaii and dog sledding in Alaska to less exciting AARP activities like under-water sports, yoga and training for a five kilometer race. The possibilities are explored on Age Venture, a Web site targeted at today’s active retirees.
• “They want to plant flowers and tend to private gardens,” said Overly, “but they look to the property management company to do the heavy lifting and time-consuming maintenance — to cut the lawns, maintain exteriors and handle snow removal.”
• Aging boomers value a location convenient to shopping, offices, entertainment, restaurants, healthcare services and community activities and want to stay close to family and friends.
• Physical fitness for long-term health is a major goal. In Del Webb's annual baby boomer report, she said, 88% of respondents said they will be happier in retirement if they can remain physically active and 93% expected to exercise the same amount or more. “I’ve had more than one active adult builder tell me they hesitate to build pools because they don’t think the residents will swim enough to justify the expense,” said Overly. “My answer is — don’t make that mistake, because without a pool you can’t have a well appointed pool deck, and the pool deck is where lifestyle occurs.”
• According to Yankelovich Partners, the majority of boomers do not see themselves retiring, and many intend to embark upon a second career, so flexible space that can be converted into a home office should be available. In an NAHB survey, 63% said that a smaller house with more amenities was desirable.
• Many active adults are interested in volunteer work for charitable organizations. In response, Habitat for Humanity has launched an RV Care-a-Vanners initiative in which active adults drive around Canada and the U.S. to work on the organization’s home building sites and provide disaster relief, she said. Another organization tapping into the benevolence of the elderly is Experience Corps, which consists of 13,000 volunteers in this country, most of whom are over 55.