After showing greater interest in renting, Baby Boomers across the country may be returning to the home-buying market, according to a new survey release by the Washington-based National Association of Home Builders.
In its latest Housing Market Index, the association is reporting that people above the age of 55 are expressing increase interest not only in single-family homes, but multi-family condominiums as well.
Would-be homeowners born in 1964 or earlier “continue to seek downsized homes, but with higher end features and amenities,” said Karen Schroeder, the chairperson of NAHB’S 55+ Housing Industry Council.
In a statement, Schroeder added, “While conditions remain positive, headwinds such as labor shortages and rising construction costs are still dampening the market a bit.”
The NAHB’s latest index survey covers industry sentiment from July to September of this year, a period of time that has seen builders expressing the most confidence in the 55 years of age or older market since before the onset of the Great Recession.
The index also looks at such variables as current sales, expected sales in the next six months, and prospective buyer traffic.
While the index showing for expected sales and the traffic of prospective buyers was actually down in the most recent quarter, the category that mattered most – current sales – showed a two-point increase.
According to the NAHB index, Baby Boomer interest in single-family and multi-family condominiums have shown a gradual but steady increase since 2013.
Contractors building new houses with the needs of Baby Boomers in mind will also be building for a massive demographic: According to the Pew Research Center, more than 72 million people currently comprise the Baby Boomer generation.
It is second in size only to hose born between 1981 and 1996, making up the Millennial Generation, which currently numbers around 73 million.
By Garry Boulard
