Right House, Right Place, Right Time: Community and Lifestyle Preferences of the 45+ Housing Market

by Margaret A. Wylde

Overview

Are you prepared to meet the housing needs of the nearly 70 million home buyers ages 45+? These educated, experienced consumers have the time and the resources to move on a whim or purchase a second home. Do your homes and communities have what it takes to win their attention?

Right House, Right Place, Right Time: Community and Lifestyle Preferences of the 45+ Housing Market will help you determine the right designs, home features, and amenities to attract the boomer buyers in your market including preferences for location, home site, and community type community amenities that will help sell your homes how to meet or exceed 45+ consumer expectations.

With keen insight honed by more than 20 years of experience studying home buyer decisions and preferences, Margaret A. Wylde reveals precisely what the 45+ buyer wants. This thorough analysis of her latest survey findings clearly defines and explains the purchasing and lifestyle preferences of these buyers and details how builders and developers can position themselves to meet the needs of this growing market segment.

About the Author:
Margaret A. Wylde, PhD, heads ProMatura Group LLC, an international research firm

Product Details

ISBN-13:	9780867186284
Publisher:	Builderbooks
Publication date:	01/28/2008
Pages:	137
Product dimensions:	6.90(w) x 9.90(h) x 0.40(d)

Table of Contents

List of Figures     viii
List of Tables     xiii
Preface     xv
Acknowledgments     xvii
About the Author     xix
About 45+ Housing Consumers     1
Who They Are
45+ Middle-American Housing Market Sectors     7
Key Demographics of 45+ Middle-American Households     11
Homeownership Among 45+ Middle-American Heads of Households     17
Where They Live
Home, Location, and Satisfaction With Current Residence     29
45+ Renter Households     41
Movers: Those Planning to Move and Those Who Moved Recently     49
What They Want
Preferences for Location, Home Site, and Community     61
Preferences for the Style and Appearance of a Community     67
Community Amenities     85
Home Preferences: Footprint, Floor Plan, Style     93
Rooms and Spaces in the Home     111
What Home Buyers Expect, Want, and Will Pay     119
Afterwords     125
U.S. ZIP Code Regions     127
U.S. Census Regions     129
Glossary     131
References     133
Index     135
Figures
Introduction. About 45+ Housing Consumers
Percent of households who own homes bythe age of the head of household     2
45+ Middle-American Housing Market Sectors
Percent likely or very likely to move from their primary home in the future, by income     9
Percent likely or very likely to move from their primary home in the future by U.S. Census region     9
Proportion of future movers by the type of community they prefer: active adult or all-age     10
Proportion of future movers by the amount they plan to spend     10
Key Demographics of 45+ Middle-American Households
Percentage who own their homes, by marital status     12
Marital status and income     12
Marital status and whether respondents moved in past two years, will move within five years, will move sometime in future, or will never move     13
Employment and place of work     14
Number who live in home, by age-group     15
Percentage with limitations, by income     16
Homeownership Among 45+ Middle-American Heads of Households
Home equity by age-group     18
Home value by ZIP Code region     19
Percent of respondents by estimated home value and equity     19
Home value by highest price respondents were willing to pay for a new home     20
Percentage who own their primary homes free and clear or have traditional fixed-rate mortgages by age-group     21
Ownership of primary home, by income     22
Mortgages or other financing of primary home, by income     22
Number of homes owned in a lifetime, by age-group     24
Number of homes owned at time of survey     24
Home, Location, and Satisfaction With Current Residence
Location of current home by age-group     30
Specific type of community age-qualified owners and renters lived in     30
Type of residence by tenure in home     31
Type of residence by ZIP Code region     32
Home size by ZIP Code region     33
Number of bedrooms in respondent's residence, by location in active adult or all-age community     34
Number of bathrooms in 55+ home owner's residence, by location in active adult or all-age community     34
Percentage of home owners with stairs to reach their bedrooms, by home owner's age     36
Percentage of home owners with stairs to reach bedroom by ZIP Code region     36
Percentage of homes with basements by ZIP Code region     37
Percentage of home owners by age-group who were very satisfied with their homes, neighborhoods, and towns     38
Percentage of home owners who were very satisfied with their homes, neighborhoods, and towns, by ZIP Code region     38
45+ Renter Households
Renters by type of age-qualified community      42
Percentage by type of residence and age-group     43
Percentage by size of rental residence (sq. ft.) and age-group     44
Percentage by annual household income and size of residence     45
Percentage by residence size and U.S. region     45
Renters by type of housing and number of years in residence     46
Percentage by region and number of years in residence     47
Percentage of renters, by age-group, who were very satisfied with their homes, neighborhoods, and towns     47
Renters by income and satisfaction with residence     48
Movers: Those Planning to Move and Those Who Moved Recently
Percentage who agreed that "I would prefer to live in my own house even if it meant that I would spend most of my time alone"     50
Responses by age-group to the question: "How likely is it that you will move from your current primary home in the future?"     51
Likelihood of moving in the future, by annual household income     52
Likelihood of moving, by ZIP Code region     53
Percentage, by age-group, that said wanting a larger, smaller, accessible, new, or low-maintenance home was a primary or secondary reason for moving     54
Percentage planning to move or who moved that said wanting a larger lot, smaller lot, or no lot was a primary or partial reason for moving     54
Percentage planning to move or who moved that said wanting a better neighborhood, better security, or community amenities was a primary or partial reason for moving     55
Percentage planning to move or who moved by age-group that said wanting a better neighborhood, better security, proximity to family, or proximity to shopping was a primary or secondary reason for their move     56
Percentage planning to move or who moved that said change in health, marital status, family size, retirement, or a job was a primary or partial reason for their move     57
Miles moved, by region     58
Preferences for Location, Home Site, and Community
Where respondents are most likely to purchase a home     62
Home site preferences     62
Community or neighborhood preference, by age-group     63
Community or neighborhood preference, by income     64
Percentage planning to move to fenced, gated, or guard-gated community, by region     65
Percentage by income planning to live in golf course or resort-style community     66
Preferences for the Style and Appearance of a Community
Importance of upscale entrance, by income     69
Importance of upscale entrance, by preference for active adult or all-age community     69
Importance of upscale entrance, by highest price home buyers were willing to pay     70
Importance of upscale entrance, by ZIP Code region     70
Importance of upscale landscaping, by income     71
Importance of upscale landscaping, by highest price home buyers were willing to pay     72
Importance of upscale landscaping, by community preference     72
Importance of upscale landscaping, by preference for active adult or all-age community     73
Importance of upscale landscaping, by ZIP Code region     73
Importance of front yard upkeep, by community type     74
Importance of front yard upkeep, by preference for active adult or all-age community     75
Importance of front yard upkeep, by ZIP Code region     76
Importance of diverse home styles, by income     76
Importance of diverse home styles, by community preference     77
Importance of diverse home styles, by preference for active adult or all-age community     77
Importance of diverse home styles, by ZIP Code region     78
Importance of green or open space, by highest price home buyers were willing to pay     79
Importance of green or open space, by ZIP Code region     79
Importance of mature trees, by income     80
Importance of mature trees, by ZIP Code region     81
Preference for neighborhood design, by ZIP Code region     82
Importance of sidewalks, by community preference     82
Importance of sidewalks, by preference for active adult or all-age community     83
Importance of sidewalks, by ZIP Code region     83
Community Amenities
Importance of walking trails, by ZIP Code region     87
Importance of walking trails, by highest price home buyers were willing to pay     88
Importance of outdoor heated swimming pool, by ZIP Code region     88
Importance of outdoor heated swimming pool, by highest price buyers were willing to pay     89
Importance of outdoor swimming pool, by ZIP Code region     90
Importance of outdoor swimming pool, by highest price home buyers were willing to pay     90
Importance of indoor heated swimming pool, by ZIP Code region     91
Importance of indoor heated swimming pool, by highest price buyers were willing to pay     91
Importance of a dog park, by ZIP Code region     92
Home Preferences: Footprint, Floor Plan, Style
Percentage who prefer a basic home with maximum square footage for the money, by preference for active adult or all-age community     94
Percentage who prefer a basic home with maximum square footage for the money, by ZIP Code region     94
Percentage who prefer a smaller home with everything top quality, by preference for active adult or all-age community     95
Percentage who prefer a smaller home with everything top quality, by ZIP Code region      95
Percentage who would trade single-family home for multifamily home if it allowed them to move to a more desirable location or have nicer home features     96
Percentage who would trade single-family home for townhome or condominium, by ZIP Code region     97
Buyers' home preferences, by age-group     97
Buyers' home preferences, by highest price they were willing to pay     98
55+ buyers' home preferences, by preference for active adult or all-age community     98
Buyers' home preferences, by ZIP Code region     99
Floor plan preferences, by desire for active adult or all-age community     100
Floor plan preferences, by ZIP Code region     101
Preferred home size     101
Number of bedrooms desired, by highest price home buyers were willing to pay     102
Number of bedrooms desired, by ZIP Code region     103
Importance of enclosed garage     104
Number of garage spaces desired     104
Number of garage spaces desired, by preference for active adult or all-age community     104
Number of garage spaces desired, by home preference     105
Importance of enclosed garage, by highest price home buyers were willing to pay     105
Importance of enclosed garage, by ZIP Code region     106
Importance of a basement      106
Importance of basement, by ZIP Code region     107
Importance of basement, by preference for active adult or all-age community     107
Likelihood of purchasing a universal-design home     107
Likelihood of purchasing a universal-design home, by age-group     108
Likelihood of purchasing a universal-design home, by preference for active adult or all-age community     108
Likelihood of purchasing a universal-design home, by ZIP Code region     109
Rooms and Spaces in the Home
Owner's suite bathroom bathing fixture preference     112
ZIP Code Region Map     128
Tables
Introduction. About 45+ Housing Consumers
Number of 45+ households in the United States: 2007 and 2012     2
Rooms and Spaces in the Home
Percent who said specific bathroom features are important     112
Percent who said specific kitchen features and upgrades are desirable for residence     113
Percent who said additional rooms and spaces are desirable for residence     114
Percentage range of 45+ middle-American housing consumers who want home systems     116