The Baby Boomer generation, which is around 75 million people, is at or nearing retirement age. Developers have seized on opportunities to appeal to the group.
According to Realtor.com, the number of age 55 and older communities is growing across the country. Retirees are looking to downsize and live near people who are at a similar stage in life.
The communities offer an array of amenities, activities, and attractions. Buyers can choose from different home sizes and styles, from four-bedroom cottages to ranch homes with Universal Design features.
Although demand is soaring now, there may not be as many potential buyers for the homes down the line when the owners need to move into assisted-living or nursing homes. That’s because the next crop of buyers, Generation X, simply isn’t nearly as big. And adding age restrictions limits the pool of buyers.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
