ORLANDO – The recession has made 55+ buyers more practical when selecting a new home, according to a recent joint study by the 50+ Housing Council of the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute.
According to the report, "Housing Trends Update for the 55+ Market," this population segment is less concerned with design considerations as financial concerns have become more prominent.
"By the year 2020, as baby boomers move into this age bracket, almost 45 percent of all U.S. households will include someone at least 55 years old," said David Crowe, NAHB's chief economist in a release. "The number of those households seeking housing better suited to their changing needs will therefore rise dramatically."
According to Crowe, about 54,000 housing starts are projected in 55+ communities this year, a 30 percent rise from estimated 2010 levels, but still relatively modest production. Starts in 55+ communities are projected to increase another 46 percent to roughly 79,000 housing units in 2012.
"Housing Trends Update for the 55+ Market" can be downloaded from online. It can also be ordered through "Contact Us" on the MetLife Mature Market Institute Web site, or by writing to MetLife Mature Market Institute.
Posted by Karen Koenig
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