Metlife has released the second phase to Housing for the 55+ Market: Trends and Insights on Boomers and Beyond. The study includes two surveys: one that examines current consumer preferences and home buying decisions and a second of National Association of Home Builder (NAHB) members involved in 55+ housing in 2008 and 2009.
Key findings include:
63% plan to age in their current homes, 12% plan to buy another home, and 26% are unsure.
The majority prefer the suburbs (32% close-in suburbs and 31% outlying suburbs). A rural community is preferred by 28%, and 9% want to live in a central city.
About one-quarter of respondents do not care about the impact building a home has on the environment. While 23% said they are concerned, it does not drive their decision. Only 12% said they are willing to pay an average of $6,732 for an environment-friendly home if it would save $1,000 annually in utility costs.
Most respondents listed proximity to a shopping center and proximity to a hospital/doctor’s office as influencing their choice for a new community.
Technology features, home security systems, and structured wiring are important to consumers.
Builders indicated their customers’ motivations for relocating. Sixty-three percent reported a desire for a maintenance-free lifestyle, 46% want to move closer to children/family, and 32% desire lower living costs.
