55-plus communities continue growth despite down housing market
Linda Esterson
Contributing Writer
According to the National Association of Homebuilders' (NAHB) 50+ Housing Council, the U.S. population age 55 and older is expected to reach 85 million by the year 2014. That's a huge jump from the 67 million recorded as of July 1, 2005.
At that time, 46.7 percent of all U.S. households were headed by someone 55 or older. That percentage is anticipated to grow beyond 50 percent by 2011. The number of households in the 65-74 age bracket will grow by 4.5 million between 2005 and 2014, an increase of more than 38 percent in only 10 years.
Based on this growth, homebuilders developed a product geared directly to this population. Mature communities, with 55-plus age qualifications, now account for about 6 percent of the home-buying market. NAHB's current economic and housing forecast states that housing units sold to or occupied by 55-plus households will account for more than 370,000 housing starts in 2007.
With all of this growth for the 55-plus set, the housing market is booming. Despite declines in other types of projects, adult communities are popping up all over.
Brenda Desjardins, principal of New Home Marketing Services, provider of market research, strategic planning and opportunity assessments for single family and multi-family homebuilders and developers, attributes the growth in these communities to the aging population and its desire for an active lifestyle.
"People want homes with less upkeep and more efficiency in the way they live," says Desjardins, who has spent the last 30 years in the field. "Not everyone wants to live in an age-restricted community because they want to slow down. They want to live in an age-restricted community because they want free time from lawn maintenance, snow removal and home maintenance to enjoy leisure activities."
In the Baltimore/Washington area, people want to stay close to their families and the resources they've established all of their lives, Desjardins says, and that's why they choose mature communities locally. Some do retire to destination communities in Florida, Arizona and Las Vegas, but with the plethora of choices locally they can maintain their lifestyles, eliminate the chores associated with homeownership and stay close.
Desjardins sees continued growth for mature communities over the next decade and beyond as the population continues to age and maintain its active lifestyle. Small builders are joining the fray to offer 55-plus communities that provide services and amenities that these homebuyers have grown to expect.
"They can go out and find the home type, services, amenities and lifestyle that match what they're in right now," she adds.
And with a homeowner's association taking care of their property, they have even more control over their lives.
|
