Housing preferences for the #55+ Market is very relevant to those of us in Real Estate .
John Burns and his Consulting Groupis, in my opinion, at the top of market research for housing. I have seen John speak several times and have read and studied many of his housing research reports over the years. The below link takes you to a video summarizing the recent survey and study of #over 55 Housing Preferences. It is pretty long so here are a few key highlights of the survey:
This Group constitutes today
52% of current homeowners
43% of current households
26% of all home buying activity (even though only 3% of them buy a home each year)
Those surveyed had all registered with a builder, developer, or Zillow so the survey represents those interested in moving) told us the following:
54% said they are not moving today because they can’t find what they are looking for.
64% said they are considering buying outside the area where they currently live, and 53%said they are considering staying in their home—– so most need some convincing to move.
51% said proximity to grandchildren is a key motivator.
28% said they are considering owning 2 homes.
43% prefer an inner suburb (15– 30 minutes from City Core) versus the City Core or a more outlying area.
8– 11% want attached but 20– 25% will consider it.
49% want a smaller home, 34% want the same size, and 27% want larger.
63% have pets and 22% say they treat them like royalty.
The Boomers reported some interesting trends:
41% will accommodate an 18+ year old child.
33% are considering accommodating their parent.
23% want age-restricted.
44% want age-targeted or restricted, compared to 61% of the Silent Generation.