Real Estate NewsCondo Trends: Boomers Driving Higher Density Housing
Two-thirds of baby boomers who make more than $100,000 intend to downsize in suburbia, according to a report from building industry watcher Hanley Wood. Boomers are the Americans born between 1946 and 1964 and number 78 million strong -- 28 percent of the population.
Robert Tippets, past-chairman of the 50+ Council for the National Association of Home Builders, says the growing force of silver-haired buyers will influence the building trends and designs of condominiums in the coming years.
"For one thing, units are getting larger to accommodate empty nesters who want extra rooms for offices, computers and guest quarters," he says. In the past, it was hard to get larger units that size outside of luxury condominium projects.
Another survey of baby boomers by active adult developer Del Webb Boomers demonstrates the mobility of boomers as they age: 44 percent want a smaller house once they begin the empty nest season of life.
The same percentage wants a home that requires less maintenance as their top reasons for moving.
62 percent rate maintenance as a "paramount issue in choosing a home"
36 percent plan on moving more than 3 hours away from their current residence
26 percent are planning to purchase a home in an active adult community when they retire.