What do baby boomers seek in today’s market?

As a large part of the American homebuying public, baby boomers drive a significant segment of the housing development industry. What do boomers want, and what are they willing to spend to get it? The generation is nearly as large as that of its millennial children and as diverse in lifestyle choices.

According to statistics, many baby boomers may not be able to retire at 65. There are numerous reasons, from never recovering from the 2007-2009 recession, to struggling with college tuitions, to losing a job.

Others could retire in the traditional way but are looking at their senior years from a fresh perspective.

They are choosing encore careers or staying in their profession part time. This view of retirement creates a need for new housing and community models.

Some $8 trillion, or almost two-thirds of the nation’s home equity, is held by the 74.9 million people who comprise the baby boomer generation. According to TRI Pointe Group, a network of regional home builders, 50 percent of these home shoppers over age 55 would consider living in a 50-plus community, but research shows that 53 percent of them cannot find the kind of gripping and vital community they desire.

Some people become frustrated by the search for a new home and opt to stay put and remodel. If you’ve ever lived through a major remodel, you appreciate the serious amount of work that goes into it.

What discourages some from embracing a remodel is the quantity of unknowns. Facing a detailed project may not be comfortable for a lot of older Americans; they might prefer to shop in new communities where they can see, feel and experience the completed house instead.

Across the nation you will find home builders who are developing in proximity to major urban areas.

“This group has waited their entire lives to be in the position they are now in, where amenities and lifestyle opportunities in a close in location near family and employment are key to a full and enriching life,” stated Tom Mitchell, the president and COO of TRI Pointe Group.