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 consider 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.
Advertisement
Related Stories
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Demographics
Post-Pandemic Trends: Working From Home
A greater share of workers are still working from home than before the pandemic and they're concentrated in the information, professional, and financial services sectors
Demographics
Millennials on Top Again as Largest Homebuying Group
Millennials beat out Boomers as the largest homebuying cohort, according to a recent report, but Boomers remain the largest generation of home sellers
