Growing older is taking on a different meaning now than it has in the past. More people are living longer and those that are in their mid-50s are wanting to maintain an active lifestyle. As many of the Baby Boomers reach 55 and older an increasing variety of residential settings for those in this age group is on the rise. Here we’ll take a look at the 55 and older housing market and why it continues growing.
New Branding Is Attracting More Buyers
Those in their mid-50s that are wanting to be active and see themselves as full of life find that they are attracted to these communities that have rebranded themselves as specifically designed for the ‘Active Adult’. This new branding is essential to these communities moving forward because it helps separate them from communities that are considered to be retirement homes. These housing developments are including activities such as social opportunities, fitness clubs, and other amenities that promote an independent lifestyle.
Some of these communities are including dance halls and even lounges that are on site. One of the reasons why these types of amenities are being included is to allow this group to feel they are in a community that promotes their well-being rather than one that is meant to allow them to stagnate and wind down. This is taking out some of the negative ideas of these types of communities allowing for more of those who are 55 and older to be attracted to them.
An Improved Economy Is Playing A Role In The 55 And Older Housing Market And Its Continued Growth
With unemployment rates going down and the stock market on the rise, it is helping those in their mid-50s to look at these type of communities. Prior to this newest boom, a large majority of those buying property in these types of communities were in their mid-sixties and seventies. Now there are more and more in their 50s who are taking advantage of some of the tax benefits available and the low-interest rates.
Because many people in this age group are seeing themselves as likely to continue in the workforce for a longer period of time, they also feel that they will remain active longer. This is why they want to live in a community that is more suited to their age group and yet one that promotes the notion of being active. A lot of these buyers are moving away from communities where the average person there is much younger than they are.
What Features Are Important To These Buyers?
Although this group sees themselves as active adults they are still looking for ranch style homes or condos that have practical features and open floor plans. This allows them to get into a home that can accommodate their future needs should they develop any mobility issues. One of the things that many of these couples 55 and older say that they look for in a community is one that allows for pets. Provided the community gives them the type of amenities that they are interested in then it is likely that these communities will continue to see substantial growth.