In less than three years, half of all homebuyers will be at least 50 years old, according to demographic experts.
But few developers and builders know what appeals to this growing group of middle- and retired-age renters and buyers, according to real estate author and consultant Margaret Wylde.
Her new book, “Right House, Right Place, Right Time: Community and Lifestyle Preferences of the 45+ Housing Market” ($69, ), seeks to dispel stereotypes and help avoid pitfalls in property development, design and construction. The book draws on demographic preference studies that Wylde’s Mississippi consulting company, ProMatura Group, has conducted the past two decades. The Denver Post spoke to Wylde to find out more.
Describe your research and findings.
We surveyed more than 6,300 heads of households that are part of this market segment. We focused on what it is they want, where they move to and what they see when they look out the window to learn what factors are important in their purchase decisions. Ultimately, those things impact the prices boomers are willing to pay for a home, so it’s worth it for homebuilders to learn what they are looking for.
What stereotypes do developers and builders have about baby boomers?
Many think that all empty-nesters want to downsize, but that’s not true. If they have lived in a larger home, our studies show that they want comparable space. People want as much space as their money can buy. …
(Some builders) assume that every retirement community needs to have the same set of amenities, such as a swimming pool or a golf course. What we have learned is that having green space and a view of water is more desirable.
Another builder thought that one clubhouse for an 1,100-acre mountain development would be enough. But people had to drive to get to it. I advised him to find natural neighbors in the development and build smaller clubhouses for people to walk to, get coffee and meet other people. If the whole idea is to create community, spaces need to be created where people can see each other regularly.
Were there any regional differences in the data?
Boomers who live in the western region have more toys. They have much more recreational vehicle equipment including snowmobiles, four-wheel drives, all terrain vehicles and mobile homes.
What are some features that boomers want most in their homes today?
Two office spaces or two places to have computers came up very frequently. Both the husband and wife have their own computers, and we have a significantly greater number of households where both spouses work and are very computer savvy.
We also found a higher proportion of boomers living in multihouse, multistoried homes than in generations past. This group is more mobile and has lived in more places than their parents have. They are more willing than my parents were to move to a condo or attached home project than a single family detached home.
The (housing) product today is so much better. I can remember when I was a child, duplexes were god-awful ugly. Today, you can barely tell if a structure is attached. The design of these products has improved so much.
Sheba R. Wheeler: 303-954-1283 or swheeler@denverpost.com.
