Survey Finds Boomers Willing to Relocate for Retirement
Baby Boomers say they will keep on moving even in their retirement years, according to a national opinion survey commissioned by Pulte Homes' Del Webb Communities.
Fifty-nine percent of survey respondents said they would move into a new home after they retire, and 31% reported that they would be willing to move into a home more than a three-hour drive from their current location.
These results represented a significant departure from a similar survey in 1999 in which only 31% of baby boomers indicated that they would want to move to a new address for retirement.
“This goes against conventional wisdom,” says Dave Schreiner, vice president of active adult development for Del Webb. “We, and many other organizations, have historically put the number of those moving three hours or more under 20%. This bodes well for our business and the housing industry in general.”
The percentages found in the latest survey represent a large volume of prospective home buyers. According to the U.S. Census, the number of people who are 50-69 is expected to grow 87% over the next 15 years. In 2000, the population of this age group was estimated at 41 million, and it is expected to jump to 59.3 million by 2005.
The Del Webb study found that the warm-weather states of Florida and Arizona remained the two favorite destinations for aging baby boomers, at 21% and 18%, respectively.
North Carolina and South Carolina were next, with 10% of the boomers who were polled identifying each of them as a state where they would want to spend their retirement years, followed by Tennessee, with 9%, and Colorado, Texas and Virginia, each with 7%.
Among other findings:
- Seven percent of the respondents said they would consider moving to an active adult community that was age-restricted to residents who are 55 and older.
- Low-maintenance homes and aesthetic appeal/cleanliness were mentioned by 77% of the survey respondents as the most important community features.
- Other “most important” features were community security/safety (74%), healthcare availability (73%) and recreational amenities (62%).
The report also provides information on boomers’ views on exercise, finance and other issues.
For a full copy of the report, click here. To view a summary of the results, click here.
More information about baby boomers is available from NAHB’s recent builder survey and the NAHB Seniors Housing Council.
The Seniors Housing Council provides the latest research and trends on the 50+ market, education, networking opportunities and more.
For further information about the council, e-mail Jeff Jenkins or call 800-368-5242 x8292.
BuilderBooks.com offers a variety of publications about seniors housing online. To view or purchase these publications, click here and type "seniors housing" in the search box.
Learn more about marketing and building for the 50+ seniors housing market at Seniors Housing Symposium 2004. Mark your calendar and plan on joining us on April 14-16, 2004, in Chicago.