How can you cater your home builds to this market?
Studies from 2016 show that over 42 percent of the U.S. heads of household are over the age of 55. In the nonprofit field, they call this the “grey wave,” meaning the 76 million “baby boomers” who are becoming available to apply their skills and experience as volunteers, teachers, leaders and board members. But they all have to live somewhere. How can you cater your home builds to this market?
Understand the needs of older buyers.
Baby boomers have very specific demographics so it’s important to understand their mindset in order to build for them. They are more active than earlier generations, which can mean engagements with everything from grandchildren to sports to volunteer opportunities. The net worth of many Boomers also took a hit during the financial crises, meaning that up to 60 percent of this generation won’t move, and many will continue to work after retirement. The big factors to look at when it comes to building for the over 65 market are health, grandchildren, and finances.
What Baby Boomers want in a home.
It depends on the person. Snow birds may migrate between homes in the Midwest and homes in the warmer, drier parts of the country. Others may seek out a new home but want to stay in the area close to friends, family, doctors and other resources. Boomers also value diversity and may seek out home builds that are friendly to young families as well as older friends and neighbors. Clubhouses and community centers are becoming more important because they allow for more interaction and engagement.
A generation that seeks out luxury.
Boomers are experienced buyers, with many previous home purchases in their life. They know exactly what they are looking for now, and what they’ll want in the future. Luxury finishes and amenities could make the difference in selling your home builds to older buyers.
Personalization and accessibility.
The ability to personalize a home has great appeal for Baby Boomers. They have always been taught that their generation is special and so their home should be, too. Low maintenance and home builds that will accommodate the long-term needs of older buyers are also significant here. More efficient home plans with master bedrooms on the first floor make access easier for buyers with physical issues. Other attractive amenities include multi-level countertops, raised dishwashers, lower microwaves and walk-in showers.
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