August 15, 2016 / By Trusst Builder Group
With an average age range of 55 to 70, the baby boomer generation makes up a huge portion of the population. And, with this generation among the most likely to purchase a brand new home, they have a major impact on the country’s housing market and building industry. In fact, over the next five years, it is projected that 40% of baby boomers will move and they’ll be spending more than $1.9 trillion on their home purchases.
So, what is this generation looking for in their next homes? Here’s what the most recent Housing Preferences of the Boomer Generation report from the NAHB indicates.
Cul-De-Sacs and Suburban Living
The September 2015 NAHB study used data from 4,326 recent and prospective homebuyers, emphasizing the housing preferences of baby boomers (those born from 1946 to 1964). Among this generation, the most desired type of community (70% of baby boomers) is the suburb, which consists almost entirely of single-family detached homes. When given a choice, nearly 80% of boomers prefer cul-de-sacs over neighborhoods with efficient traffic flow. Up to 64% of baby boomers also prefer living near retail spaces and park areas with easy access to walking and jogging trails.
Also important to older generation home buyers is access to outdoor maintenance services. This is understandable as older baby boomers prefer not to have to deal with the burden of maintaining their lawns.
Baby Boomers Want Smaller, More Luxurious Homes
For many baby boomers, the homes they bought when raising their families were purchased based on their ability to meet their growing needs. These homes included larger floorplans, more bedrooms, and larger yards. Now that their kids are out of their homes, boomers are now buying what they consider their “dream homes.”
Although baby boomers tend to choose new homes with smaller square footage and fewer rooms, they almost always choose to feature more luxurious finishes and high-end energy efficient appliances and premium amenities throughout. This makes for a home that’s easier to manage but highly personalized, two things that boomers prefer in their new homes.
For older buyers, resale value isn’t as much of a concern as comfort and convenience, however; a certain amount of thought still has to be applied to the next buyer regardless of how long a boomer anticipates living in their new home.
Are You Looking for Your Dream Home? Call Trusst’s Builders in Leland NC Today
If you’re a baby boomer and you’re ready to take the next step in your second home journey, then call Trusst Builder Group today. We have an extensive clientele of baby boomers, so we know exactly what you want in your home and we can build it to your exact specifications.
There’s nothing like owning a custom home that was built just for you. Let us show you what we can do. Give us a call today at 910-371-0304 to schedule a consultation with one of our expert builders in Leland NC.