By Jamie Gold Senior Contributor
Older adults want retirement homes that enhance well-being with features that support daily … More movement.
The modern 55 and older homebuyer isn鈥檛 looking to sit all day on a recliner pondering our end of life options. Longer lifespans, greater health, increased affluence and current sensibilities about aging are transforming the neighborhoods designed for late Boomers and Gen X homebuyers.
鈥淲e know the story: the 55-and-older population will grow by 12 million between 2025 and 2033,鈥 notes managing principal of John Burns Research and Consulting firm Ken Perlman in a June 4 insights report. 鈥淭hese aren鈥檛 your grandparents鈥 active adult buyers. They are healthy, wealthy, and tech-savvy.鈥 According to Perlman, these are what this homebuyer is seeking. Does it align with your preferences if you fit into this age group?
Family Imperatives
鈥淔or 55 plus consumers who plan to move, proximity to family and friends is the top factor influencing location,鈥 Perlman reports in his summary. Those moving to be closer to adult children and grandchildren have a nickname and a trend: 鈥淏aby chasers.鈥 I have several friends in my own Baby Boomer social circle who have done this or are contemplating it in the next two years. The pandemic drove home the value of being close to relatives, especially for those families that need help with eldercare or childcare.
Real estate publisher and research firm Zonda* has a Baby Chaser Index, which shows that 25% of Boomer households plan to retire near their children and grandchildren. 鈥淎s Millennials seek to establish roots and grow their families, they are gravitating toward markets that offer a blend of affordability, job opportunities and lifestyle amenities,鈥 says Ali Wolf, Zonda鈥檚 chief economist. (One of my Boomer friends is looking at Austin to be near her son and granddaughter. A family member moved an hour away to live close to her sister and daughter a few years ago.) Austin, Charleston, Jacksonville, Dallas and Raleigh were the top five Baby Chaser destinations on the Index. Burns鈥 New Home Trends Institute found that 45% of 55 and older consumers live within half an hour of their grandchildren, and 25% spend time with them each week.
Friend Circles
Friend circles are also impacting where older adults choose to move, particularly for singles like myself without children. Co-housing and co-living (鈥淕olden Girls鈥 style) is one option some are seeking, with numerous advantages for those choosing one of them.
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鈥淭he number one benefit, which greatly affected the Golden Girls鈥 mental and physical wellness, is the social aspect of shared housing,鈥 Maria Carpiac (nee Claver), director of California State University Long Beach鈥檚 Gerontology program, told me for a July 2022 Forbes.com article. Carpiac teaches a course called Women & Aging: Lessons from the Golden Girls.
鈥淢ore than any other lifestyle factor (including smoking, diet and exercise), we know that having social support is the most important predictor of morbidity (or illness) and mortality,鈥 she shared in that article. A quarter of older Americans live alone, she reported, contributing to an epidemic of loneliness. 鈥淟oneliness increases the risk of mortality by 45%.鈥
Some single individuals in this age group, myself included, don鈥檛 want housemates, roommates or the characteristics of co-housing communities, but seek a welcoming community where we can live independently, still close to friends and caring neighbors.
New Home Preferences
According to Perlman, new home developers are looking closely at what our 55-plus generations want. Given that we represent 30% of today鈥檚 population and those of us born before 1970 now control 73% of total U.S. net worth, (according to John Burns Research and Consulting鈥檚 Bureau of Labor Statistics tabulations), our preferences are being taken seriously:
More than 80% of our generation aspires to homeownership, but dislikes the maintenance that often comes with it, Perlman observes.
One third of 55 plus consumers live alone and are among the 82% of mature single and couples who want a 2,250 square foot or smaller home. For singles, one garage space can be sufficient, using those square feet for other purposes, like a larger kitchen.
63% of these buyers would not live in a home without a laundry room. (Count me in that majority!)
The firm鈥檚 2024 survey of 55 and older consumers revealed that 70% of us are prioritizing 鈥渁 sense of purpose,鈥 approximately 66% are prioritizing family time, and more than half are emphasizing environments that promote movement as part of daily life. (Wellness amenities like walking trails and nature access, walkability to shops and services, fitness centers and programs, and integrated wellness clinics are all trending.)
Not mentioned in the Burns study is a trend toward homes with greater accessibility 鈥 often called 鈥渁ging in place.鈥 These often include single level living or first floor primary suites, elevators for two or three story homes and townhouses, barrier-free entries and showers, roll-out trays and pull-down accessories in cabinets and other features that promote independent living for adults of all ages and abilities.
Homes with universal design features (which also support household members and visitors who may have physical challenges), smart home technology that enhances safety and convenience, as well as social engagement and support systems, including access to telehealth, are all trending, according to SeniorLiving.com, a resource site for individuals and senior living communities.
鈥淭he new 55 plus consumers are seeking a community that gives them a sense of purpose, promotes healthy living, and offers services and amenities without the burden of high maintenance or isolation. The best age-qualified / active adult communities will blend a variety of housing products from 鈥榝orever homes鈥 to low upkeep, attainable luxury in locations that are proximate to friends and families,鈥 Perlman suggests. Is this what you鈥檙e seeking too? After a long search, I found my 鈥渇orever home鈥 in an all-ages community with numerous wellness features, including walkability to friends, shops and services.
*I鈥檓 a contributor to Zonda鈥檚 Multi-Housing News digital publication.
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