More than half of these buyers are financing their golden-year housing purchases with cash or with high downpayments of 30% or more, the study finds.
“Baby boomers continue to rewrite the rules of consumer behavior at every stage of life, and home builders and mortgage lenders need to be prepared to meet their changing demands,” Haynes said.
The study examines the amenities, features and services builders are planning and incorporating into communities for the elderly; where seniors are relocating; how much they are spending; how they are financing their purchases; their motivation for moving and regional trends.
Complete study results are being released during the 2003 Seniors Housing Symposium: Building for Boomers and Beyond this week at the Renaissance Esmeralda Resort & Spa in Indian Wells, CA.
AARP is releasing a related study on elderly consumers during the symposium.
For more information, e-mail Jeff Jenkins at NAHB or call him at 800-368-5242 x8292.
BuilderBooks.com offers a variety of seniors housing publications online. To view or purchase these publications, click here.
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