are likely to move every year. According to age groups, the movers break down like this:
- Ages 55 – 64: 1,161,151
- Ages 65 – 74: 568,271
- Ages 75+: 458,470
Preferences Run the Gamut
The preferences of the 55+ households for style and type of home run the gamut. Many who have had small homes want bigger ones. About half with large homes want another one of equal size, or just a bit smaller.
The vast majority prefer a home with three or more bedrooms, 44% want a sunroom and 41% want a home office. About one-fifth of the households would consider living in an age-qualified 55+ community. This climbs to 35% if the 55+ community offers amenities such as a clubhouse, swimming pool or golf course.
Eleven percent of the 50+ households own a second home (not including investment property). Among those with a second home, 23% of those ages 50 – 59, 14% of those ages 60 - 69 and 10% of the households 70 and older say the second home will be their primary residence someday.
For today’s builder this means there are great opportunities for growth by targeting the 50+ market. These consumers have the numbers and spending power to make a big difference on your bottom line.
Margaret Wylde is the founder, president, and CEO of ProMatura Group, LLC, which provides research and consulting to businesses and national organizations that serve the mature market. Wylde is the author of the book “Boomers on the Horizon: Housing Preferences of the 55+ Market,” currently available through BuilderBooks.com. Reach Wylde via e-mail or at 662-234-0158.
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