Shaking up the housing industry

According to the National Association of Home Builders’ 50+ Housing Council, the Baby Boomer generation is shaking up the housing industry by discarding old notions about the “retirement lifestyle” and allowing buyers to create their own distinct communities.

Norman Cohen, chairperson of the 50+ Housing council and a principal at Camelot/Signature Development of Marietta, GA, said, “The Baby Boomer generation has changed the ways builders do business—homeowners are no longer looking for the traditional retirement communities—they want to live somewhere where they can remain active.”

The baby boom generation increasingly prefers to be able to “age in place” or continue living in their homes safely, independently and comfortably, regardless of age or ability level.  Unlike the generations before them, boomers don’t want to “get away from it all,” said Neil Howe, who delivered the Symposium’s keynote address.  They want to be near cultural and spiritual hubs that keep them connected with community and culture and involved in lifelong learning at local universities.

Howe added that because boomers, who make up 37 percent of all homeowners, are retiring at such varied ages, they’re in no hurry to move. When marketing to boomers, he recommended that builders do away with language about “retirement,” and instead stress that their products allow buyers to be engaged and employed.  In order to draw these buyers in, he says, builders should stress informality and spontaneity—boomers want to discover communities on their own, rather than buy into a planned development.