The modern homebuyer over 55 doesn't want to spend all day in a recliner thinking about how to terminate their life. Longer lifespans, better health, more money, and changing attitudes about aging are changing the neighborhoods that were built for late Boomers and Gen X homeowners.
Ken Perlman, managing principle of the John Burns Research and Consulting firm, says in a June 4 insights report, "We know the story: the population of people 55 and older will grow by 12 million between 2025 and 2033." "These aren't the same active adult buyers your grandparents were." They are rich, healthy, and know a lot about technology. Perlman says that these are the things that this homebuyer wants. If you are in this age range, does it fit with what you want?
Family Needs
Perlman says in his review that "proximity to family and friends is the top factor influencing location" for people over 55 who plan to move. People who move to be closer to their adult children and grandkids are called "baby chasers." A lot of my Baby Boomer acquaintances have done this or are thinking about doing it in the next two years. The epidemic made it clear how important it is to be near to family, especially for those that require help with childcare or eldercare.
According to Zonda*, a real estate publication and research organization, 25% of Baby Boomers expect to retire close to their children and grandchildren. Ali Wolf, Zonda's chief economist, says, "As Millennials look to put down roots and start families, they are drawn to markets that offer a mix of affordable housing, job opportunities, and lifestyle amenities." One of my friends from the Baby Boomer generation is thinking about moving to Austin so she may be close to her son and grandchild. A few years ago, a family member moved an hour away to be closer to her sister and children. The Index showed that Austin, Charleston, Jacksonville, Dallas, and Raleigh were the top five Baby Chaser destinations. According to the New Home Trends Institute, 45% of those 55 and older live within half an hour of their grandchildren, and 25% see them every week.
Friend Groups
Friend groups are also affecting where older people decide to live, especially for single people like me who don't have kids. Some people are looking for co-housing or co-living, like the "Golden Girls," which has a lot of benefits for those who choose one of them.
Maria Carpiac, director of California State University Long Beach's Gerontology department, told me for a July 2022 Forbes.com piece that the social aspect of shared housing was the number one benefit that had a big impact on the Golden Girls' mental and physical health. Carpiac conducts a class called Lessons from the Golden Girls: Women and Aging.
In that piece, she wrote, "More than any other lifestyle factor (like smoking, diet, and exercise), we know that having social support is the best predictor of morbidity (or illness) and mortality." She said that one in four older Americans lives alone, which is causing a lot of people to feel lonely. "Being alone raises the risk of death by 45%."
A few people in my age bracket, including me, don't want housemates, roommates, or the features of co-housing communities. Instead, we want a friendly neighborhood where we may live alone but yet be close to friends and loving neighbors.
What You Want in a New Home
Perlman says that new home builders are paying special attention to what people over 55 want. We make up 30% of the population today, and those of us born before 1970 currently own 73% of all U.S. net worth (according to the Bureau of Labor Statistics tabulations from John Burns Research and Consulting). This means that our preferences are being taken seriously:
Perlman says that more than 80% of our age wants to own a home, but they don't appreciate the upkeep that comes with it.
One out of three people over the age of 55 lives alone, and they are part of the 82% of older singles and couples that prefer a home that is 2,250 square feet or smaller. One garage space may be enough for singles, who can use the extra square footage for other things, like a bigger kitchen.
63% of these purchasers wouldn't live in a house without a laundry room.
A survey of people 55 and older by the company in 2024 found that 70% of us are putting "a sense of purpose" first, about 66% are putting family time first, and more than half are putting environments that encourage movement as part of daily life first. Wellness features like walking trails and access to nature, being able to walk to stores and services, fitness centers and programs, and integrated wellness clinics are all becoming more popular.
The Burns study doesn't talk about the trend toward homes that are easier to get into, which is sometimes labeled "aging in place." These often include single-level living or first-floor primary suites, elevators for two- or three-story homes and townhouses, barrier-free entries and showers, roll-out trays and pull-down accessories in cabinets, and other features that help adults of all ages and abilities live on their own.
According to SeniorLiving.com, a website for seniors and senior living communities, homes with universal design features that help people with physical challenges, smart home technology that makes things safer and easier, and social engagement and support systems like telehealth are all becoming more popular.
In conclusion
"The new 55 and older consumers want a community that gives them a sense of purpose, encourages healthy living, and provides services and amenities without the stress of excessive upkeep or being alone. Perlman says that the finest age-qualified and active adult communities will have a mix of properties, from "forever homes" to low-maintenance, affordable luxury homes, all in areas that are close to friends and family. Are you looking for the same thing? I finally found my "forever home" after a long search. It's in a neighborhood that welcomes people of all ages and has many wellness aspects, such as being able to walk to friends, stores, and services.
Check out the Hersey Group for help finding the right 55 plus community for you.
