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Comparing New Age-Restricted Homes to New Single-Family Homes

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Construction

Comparing New Age-Restricted Homes to New Single-Family Homes


August 5, 2021
single-family home
Photo: Sharon | stock.adobe.com

There were 28,000 single-family homes built in age-restricted communities last year, rebounding strong from 2018’s decline. On the multifamily side though, there were 18,000 units constructed last year in age-restricted communities, furthering the drop from 2018’s high of 31,000. The National Association of Home Builders’ analysis of the U.S. Census Bureau’s Survey of Construction found the median age-restricted home was the same size as a median non-age-restricted home constructed in 2020: 2,300 square feet. But age-restricted homes had smaller lot sizes, yet prices were slightly higher.

As a result, per square foot was $123 for age-restricted, and $112 for other, single-family homes built for sale and started in 2020.

Other questions in the SOC show that new single-family homes are more likely to be attached (i.e., townhomes), and single story with no basement if the homes are age-restricted.  The age-restricted homes are also more likely to come with patios, but less likely to have decks.  Finally, age-restricted homes are less likely to require a loan and more likely to be purchased for cash, as home buyers who are older have had more of a chance to accumulate the savings and assets (often equity in a previous home) that can be converted to cash.

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