The boomers, who are currently age 45 to 63, have had an impact on society that began with their childhood and continues with their transition into retirement. Recognizing the importance of this influential generation on the housing industry, NAHB and the MetLife Mature Market Institute (MMI) embarked on a research project that closely examined the 55+ population—boomers as well as older cohorts—and their preferences in homes and communities, as well as the housing industry’s response to that group's consumer demand. The end result is Housing for the 55+ Market: Trends and Insights on Boomers and Beyond, one of the most comprehensive reports to date dedicated to this segment.

The first part of the research is a profile of the 55+ market, and includes analysis of data from the most recent American Housing Surveys (AHS) from the U.S. Census Bureau. Although the data covers all types of housing and households, the research concentrates on age-qualified active adult communities, other non-age-qualified 55+ owner-occupied communities (not explicitly age-restricted but nevertheless occupied primarily by people age 55+), and age-restricted rental communities. All homes occupied by household heads 55 years old and older are presented for comparisons. In select cases, data also is presented on housing characteristics for households under age 55 for comparisons. The report looks closely at trends that emerged during a six-year period from 2001 to 2007, the first time this information has been made available for active adult communities.

The report analyzes where older households live, characteristics of communities and the overall satisfaction with them, and the types of communities that the 55+ market prefers. The report looks at recent 55+ movers, finding out why they moved and from where, as well as other key demographic information, such as household size, education, race, and income. Also covered is an inventory of new construction, including the dollar value, basic characteristics, motivations of the buyer or renter, comparisons to the previous home, and how new home purchases are financed. Finally, the report looks at the market share of 55+ households, and forecasts construction for that group in 2009 and 2010.

Click here to view and/or download the full report, or find it and other research on the MetLife Mature Market Institute’s Web site, www.MatureMarketInstitute.com.

Note: Future reports from NAHB and MetLife Mature Market Institute will include consumer preference and builder surveys with a gap analysis to show any differences in perceptions. These reports will be available in Summer 2009.