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News for Baby Boomers
Baby Boomers Seeking a Different Retirement
Lifestyle – At Home
As the largest demographic ages, a new
housing product emerges to change the way — and the where — older
Americans retire
By Nanette Overly, Epcon Communities
 March
8, 2007 - That largest and most influential population, the Baby Boomer
Generation, is once again exerting its gravitational pull on the
American socio-cultural landscape. Now in a state of housing flux, the
400-pound gorilla of a demographic has its sights set on the housing
market, redefining the expectations and priorities of mature homebuyers,
and changing the face of residential development.
A condo in Boca? Shuffleboard and bingo? Not for
Boomers, thank you very much.
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Baby Boomer News |
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When 80 million Baby Boomers enter the housing
equation, it’s not only clichés that become obsolete, but a whole host
of preconceptions and conventional wisdom. As the nation’s largest group
of consumers, their preferences have consequences. Markets and products
evolve and adjust to Boomer appetites, and retirement-age housing
requirements are no different.
Today, as Baby Boomers enter their 50s and 60s,
they are healthier, more active and more engaged in their lives and
their communities than any previous generation in history. They want
more. They demand more. When it comes to deciding how, when and where
they will live, and where they will spend their money and their time,
Boomers aren’t in the rocking chair — they are in the driver’s seat.
Home Sweet Home
Baby Boomers are on the move. In fact, 37% of
Boomers will move to a new home within the first year after their
youngest child goes off to college. Increasingly, however, these newly
mobile Empty Nesters are breaking away from traditional expectations.
They are moving across town, rather than across the country. They are
ready for a more manageable lifestyle, but shudder at the idea of a
managed retirement community or a generic condominium complex.
They may be approaching retirement age, but
retiring is often the last thing on their minds. They are affluent,
active and informed, and their housing priorities reflect that reality.
Without question, everyone’s priorities are
different. To some people, life on a golf course or beach in Florida is
an attractive option; the epitome of luxury. But for many Baby Boomers,
picking up their lives and moving far away from family and friends is
not an appealing option. They want a home that lets them live the life
they want to live and do the things they want to do, while staying in
the cities and towns they know so well. Inspired by those priorities and
designed with members of the Baby Boomer Generation in mind, an entirely
new genre of residential developments is providing them with the
resources to do just that.
A few homebuilders are recognizing this trend, and
are providing an expanded range of innovative housing options that
combines the comforts and conveniences of a resort lifestyle with the
aesthetics, amenities and independence of a single-family home; not
thousands of miles away, but right down the street.
These new Boomer-oriented homes and communities
springing up across the Midwest, Heartland and the Northeast are a
testament to the vital importance of location, as astute developers
recognize that proximity to children and grandchildren is a driving
force behind many real estate decisions, and that greater numbers of
Empty Nesters would prefer to stay put rather than head south.
In fact, a recently published AARP survey revealed
that, when it’s time to retire, today’s 50+ Americans say they would
either stay in their current home or move to one very nearby. A
significant majority of Baby Boomers would prefer to “age in place,”
maintaining the social connections, personal and professional
relationships, and comfortable familiarity of home.
Home is Where the Hearth Is
New Boomer-friendly housing options incorporate a
number of thoughtful design and development strategies to cater to the
needs of their target demographic. They recognize that, to this
nostalgic generation, the idea of home and hearth as the iconic center
of family and as headquarters for holidays and family gatherings exerts
a powerful, emotional appeal. Accordingly, while these newer homes trend
somewhat smaller and more manageable in size, they are a far cry from
the stereotypical tiny cottage or cramped apartment.
Additional subtle, but important, design
considerations for Boomers speak to leisure, comfort, quality and
convenience:
● Ample open space and tall ceilings (which
create a sense of “volume”) are popular, as are transitional spaces like
verandas or screened porches.
● Minimizing unnecessary staircases through
garden-style layouts is a common strategy.
● Well-deserved small luxuries, such as double
sinks and large, Jacuzzi-style soaking tubs are very popular.
● Kitchens are important, but not critically so,
and are ideally highly functional with expansive counter space. They
don’t need to be huge, as this demographic dines out a lot.
● Laundry and utility rooms are convenient and
accessible, without becoming too prominent or intruding into the living
space. These Active Adults do not want to come home from one job only to
be reminded right away that another job is awaiting them.
● Wasted, excess space is not desirable, but, for
a generation that often views retirement as an opportunity to start over
and enjoy new experiences, space for hobbies and other pursuits can be a
nice bonus.
● Hallways are wider, but not to accommodate a
wheelchair; but rather, to allow the exercise devotee ample room to walk
one’s bicycle into the house.
Some new community developments feature elegantly
designed residences that present the appearance of a detached home when
viewed from the street, providing all the conveniences and efficiencies
of a condo-style design while exuding the aesthetics and vibe of a
freestanding single-family house.
Active Adults
These new communities echo the optimism and energy
of the “Boomer Consumer,” featuring high-quality fitness centers and
workout facilities. There is a growing recognition that working out and
staying active are very important to Boomers, and that access to a high
quality fitness center is a necessity, rather than a luxury. New housing
developments catering to Boomers now frequently feature integrated or
adjacent hiking and biking trails.
Exterior landscaping is attractive, but managed and
maintained by professionals, freeing up valuable personal time. This is
personal time that Active Adults can use to purse their active
lifestyles — whether it be for travel, entertainment or exercise.
Swimming pools are an important component to the
Active Adult community. They allow Boomers a place to relax and unwind,
another option for exercise, and a venue for entertaining the
grandchildren.
Access to community clubhouses and public spaces is
another welcome feature, but here too, freedom and flexibility are
paramount. The most successful arrangements provide game and party rooms
and lounges with space available for private reservations and
entertaining larger groups of guests. But, again, this generation is not
their father’s retirement set. They don’t want bingo and tea socials
planned for them — but they want usable common space to host receptions
or conduct group meetings.
Ultimately, this new and increasingly popular
residential format enables Boomers to simultaneously assert their
independence and relieve some of the everyday burdens and tedium of
housework, yard work and other mundane responsibilities. Slightly
smaller, but high-quality residences, convenient to restaurants and
other amenities, allow homeowners to enjoy the pride and satisfaction of
hosting events and welcoming guests, while providing them with the
stress-free freedom to be able to “lock the door and go”; to travel on a
moment’s notice. They make life easier, and they make life more fun.
Boomers are experienced, sophisticated consumers.
They tend to be well-traveled, with an appreciation for quality and a
good sense of what they want. And, fundamentally, what they want is
quite simple: Boomers don’t want to change their lifestyle, they want to
enhance it.
They may need to change where they live, but they
don’t want to change how they live. And that notion of “where” is
getting closer and closer to home everyday.
Nanette Overly serves as director of sales and
marketing services for Dublin, Ohio-based Epcon Communities. Epcon
Communities is one of the leading developers and franchise operators of
condominium developments in the United States. Since its founding in
1986, Epcon Communities and its franchise partners have developed more
than 25,000 homes targeting Active Adults in 31 states. Overly can be
reached at 800-783-3838 or via e-mail at noverly@epconcommunities.com.
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