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.