55+ Housing: Builders, Buyers, and Beyond

• 63% plan to age in their current homes, 12% plan to buy another home, and 26% are unsure.

• The majority prefer the suburbs (32% close-in suburbs and 31% outlying suburbs). A rural community is preferred by 28%, and 9% want to live in a central city.

• About one-quarter of respondents do not care about the impact building a home has on the environment. While 23% said they are concerned, it does not drive their decision. Only 12% said they are willing to pay an average of $6,732  for an environment-friendly home if it would save $1,000 annually in utility costs.

• Most respondents listed proximity to a shopping center and proximity to a hospital/doctor’s office as influencing their choice for a new community.

• Technology features, home security systems, and structured wiring  are important to consumers.

• Builders indicated their customers’ motivations for relocating. Sixty-three percent reported a desire for a maintenance-free lifestyle, 46% want to move closer to children/family, and 32% desire lower living costs.
  

The survey questionnaire to builders was mailed electronically in February 2009 to 3,000 NAHB builder members involved in building 55+ housing. The findings are based on 254 responses received from builders whose products included age-restricted/active adult housing and independent living housing segments during 2008 and who plan to build more during 2009. The Consumer Preferences Survey of 55+ Households was conducted in February 2009 by NAHB’s Economics and Housing Policy Group and the MetLife Mature Market Institute.

The consumer survey also was distributed electronically to heads of households ages 55 years or older by an Ohio-based research company, TNS. The findings are based on the responses from 1,522 such households. The Gap Analysis includes a comparison of results from both surveys on the comparable questions to identify areas where consumer preferences and builder activity were significantly different.