The impact the aging baby boomer class affectionately known as “Boomers” is having on many segments of the economy has been discussed in the media for some time now. As life expectancy expands the type of home the “Boomer” wants to live in needs to fit their life style and physical demands. A recent article in the Chicago Tribune entitled What Boomers Really Want in Housing describes some of the wants and dislikes of the Boomers as determined by the Consumer Preference Survey of the National Association of Home Builders. For instance, there is a preference for single-level homes with three bedrooms and higher end finish levels. Anything that reminds a Boomer that they are aging is out; such as grab bars in bathrooms.
The opportunities the Boomers present to the development industry are enormous since this segment of the population has accumulated buying power, even in a down economy, as the result of decades of working and saving. Eriech Horvath of Stone Works Development LLC, an Epcon community builder, explained that the Boomer/buyer wants access to recreation/golf courses, shopping, restaurants and medical facilities. Horvath described his company’s “single style” one floor homes which contain many of the amenities of custom homes, but as maintenance free as possible; which is a major “want” of the Boomer class. So, if there is a take away from all of this it is that if you are planning a town house style community, you might consider adding into the mix “Boomer” type housing stock.