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55+ Population to Head 40% of U.S. Households by 2012
Americans 55 and older will head 40% of the nation’s households by the year 2012, according to new research from NAHB’s 50+ Housing Council discussed during an Oct. 11 teleconference held in conjunction with National Aging in Place Week (October 8-14).
“There is no question that the 55+ segment is a large and growing share of the housing market,” said Paul Emrath, a housing policy analyst for NAHB, and the council’s latest research findings, based on the American Housing Survey, have major implications for the nation’s housing industry in the decade ahead.
Among those findings:
- Most 55+ households (over 26 million) are not residing in age-qualified or other “55+ communities,” but in regular housing.
- Three-quarters of people over the age of 45 are home owners.
- Most 55+ households report being happy with their current homes.
Buyers who are 55 or older tend to move “for lifestyle reasons, not because they need a place to live,” said Norman Cohen, chairman of the 50+ Housing Council. A move for people in this age group, he said, may be prompted by the death of a spouse or the fact that a member of the household can no longer walk up and down steps or perform needed maintenance on their home.
Cohen, a Georgia-based builder, said that his company designs homes that make it easier for people to age in place. Bathrooms in his homes are designed with showers instead of tubs, which can be difficult for older people to get in and out of, and the company puts backing around the shower and commode so that residents can install grab bars if they are needed. At least one entryway into each home is “stepless” to make it accessible, he added.
Older people who don’t want to move can make modifications to their existing homes so that their various needs can be accommodated as they age. According to the latest Remodeling Market Index, 75% of professional remodelers surveyed said that they have observed an increase in requests for aging-in-place modifications.
“The strong sentiment is that these clients are preparing for future needs,” said Bill Owens, chairman of NAHB’s CAPS (Certified Aging in Place Specialist) Board of Governors. “Half said they were modifying because they’re living with older people.”
According to Owens, common aging-in-place modifications include stepless entries, replacing doorknobs with lever handles, low- or no-maintenance exteriors, open floor plans and improved lighting design.
For more information, e-mail Elizabeth Landry at NAHB, or call her at 800-368-5242 x8680.
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