June 29th, 2008
The Baby Boomer Generation is looking for new homes to treat ourselves with and want everything to be the nicest we've ever owned.
Call Baby Boomers what you want (don't call us "seniors" if you expect us to answer), but the continuing influence of the nearly 80 million Americans born between 1946 and 1964 on every consumer good and service is undeniable, and perhaps housing most of all.
Many call us "nexers" for our readiness to move into our next home. That's because, as our legacy indicates, Baby Boomers will do exactly the opposite of what our parents and previous generations did in their golden years; instead of fading away to Florida (or Arizona or an old-folks home), most want to age in place, work well into our 70s, and take out 30-year mortgages to finance lavish lifestyles in a variety of urban and suburban housing settings and styles, most likely close to where we live now. The Baby Boomer Generation is looking for new homes to treat ourselves with and want everything to be the nicest we've ever owned.
Trying to figure out the whims or track the trends of today's emerging active Baby Boomers market might appear futile, given their unpredictable purchasing history - but one thing seems to be for sure when it comes to their housing preferences, We don't hear the word 'downsizing'.
Instead, Baby Boomers say we want a single-level single-family home in a village-like suburban setting ... or an urban loft in the heart of downtown ... or a seasonal vacation home within a few hours' drive ... or a whole-house remodel of our existing family home.
It is important to remember that Baby Boomers are convenience-driven consumers, We are historically willing to pay for convenience and low-maintenance products; for our homes, specifically, those characteristics help reduce the burden of housing upkeep chores and enable them to age in place in the same home, whether new or remodeled. Wasting our time is worse than wasting their money.
Unlike any other segment of the housing industry, the active Baby Boomer market appears to cross over every boundary. Whether it's remodeling vs. new construction, high-margin vs. volume, single-family vs. attached, or suburbia vs. urban infill, Baby Boomer buyers are there.
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