The baby boom generation has been a primary target buyer group for new homes for quite some time now. They bought their first homes in the ‘70s, when they started their families, and have been purchasing move-up homes ever since. Many are back in the market now, looking for a different kind of home, RLCO reports.
When asked what type of housing product they’re looking to purchase, most 55+ respondents to RCLCO’s consumer survey said they wanted a smaller, lower-maintenance, but higher-quality home than their current residence. The quality of construction, availability of financing, design of the home, and design and appearance of the community are all important factors for boomers considering a new-home purchase. While most 55+ respondents to RCLCO’s survey expressed a preference for a single-family detached home, over 21% said they would consider a single-family attached home—much higher than the 12% that currently reside in such a product. In terms of number of floors, overall about 90% said they would a one-story residence, though over one-third indicated they would consider two-story product. Most buyers in RCLCO’s survey (87%) say they prefer the master bedroom on the main floor. This is consistent with other recent surveys suggesting that boomer homebuyers prefer single-story homes.