There are 77 million baby boomers that were born between 1946 and 1964 in the US, and they represent 26% of the total population. Baby boomers make up 45% of the national workforce and hold the largest amount of discretionary income in history, so it’s hardly surprising to learn their needs and demands are now influencing home construction trends.
The seniors advocacy group AARP carried out a study that showed large percentage of boomers plan to move once they retire, but although many have a substantial amount of home equity to purchase or build smaller, more affordable homes some are struggling with their current home loans.
Tammy Crosby, chief operating officer of The House Designers, America’s leading house plan provider saves “Boomers in a position to sell their existing homes prefer building a new home to take advantage of new technology and energy efficiency than trying to maintain or remodel an older home. Baby boomers now look for house plans that are small but luxurious, and practical for their needs and lifestyles.”
This trend has been confirmed by the National Association of Home Builders who conducted a study showing home buyers that they can afford new construction that is higher-priced. They used data from the Sentence Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey and found buyers could purchase or build a new home and achieve the same annual operating costs as an older, existing home.
The chairman of the NAHB, Rick Judson, a homebuilder from Charlotte, NC commented “Home buyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home. They will find that with the higher costs of operating an older home, they can often afford to spend a bit more to buy a new home and still have annual operating costs that fit their budget.”
Crosby went on to say “This impressive generation has had a major influence on shaping the way society has grown and changed, including influencing new housing trends. Boomers have their own ideas about the features and types of homes they want to live in after retirement.”
Baby boomers are looking for comfort and convenience, and for a home that caters to their lifestyle with plenty of high-end amenities. Apparently multipurpose flex rooms are high on the list for those who love to entertain, relax or exercise. Another current trend is to have a large master suite with a comfortable sitting area, which includes large his and hers walk-in closets, dual sinks and preferably a small patio or terrace.
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