LAS VEGAS - The housing market for the 55+ homebuyer is expected to stay on its path of improvement in 2014, according to industry experts at a press conference held today at the National Association of Home Builders (NAHB) International Builders' Show (IBS) in Las Vegas.
"The 55 and over population is one that will steadily rise over the next several years, and the need for housing to accommodate that group will also rise," said Paul Emrath, NAHB's vice president of survey and housing policy research. "NAHB is projecting the share of U.S. households age 55+ will increase from 43.3 percent in 2014 to 46.6 percent 2020."
Emrath also noted that builder and developer confidence has steadily increased over the past several years. "NAHB's 55+ Housing Market Index (HMI), a survey that measures builder and developer confidence for that market, has posted gains for nine consecutive quarters."
One of the panelists, W. Don Whyte, president of Elevated Real Estate Solutions LLC in Biloxi, Miss., said that the current economic climate is helping contribute to the positive outlook for the 55+ housing market. "The real estate market has turned around considerably, and now more consumers are able to sell their current homes where it would have been difficult in years past."
"We are busier now than ever before building homes for the 55+ buyer," said panelist Steve Bomberger, president of Benchmark Builders LLC in Wilmington, Del. "Not only have we been successful at building homes specifically for 55+ communities, but also at building homes in non-age restricted communities and selling those homes to the 55+ buyer."
Whyte also noted that today there are many options for consumers who are looking for a home in the 55+ market. "There are more alternatives now than ever before for any lifestyle or location that a person wants," said Whyte. "Builders and developers understand that they are servicing a population that is considerably different from what it was even five years ago, so there are more homes and communities that meet the specific needs and wants of today's consumer."
ABOUT NAHB: The National Association of Home Builders is a Washington-based trade association representing more than 140,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 800 state and local home builders associations around the country. NAHB's builder members will construct about 80 percent of the new housing units projected for this year.
Have something to say? Share your thoughts with us in the comments below.