Older Americans are willing to downsize homes and work longer to maintain lifestyle

Boomers have also redefined what are necessities instead of luxuries.

One of the most influential groups in modern history–the Baby Boomers–changed the fabric of American life and are in the forefront again, in housing and what they define as basic needs.

More than 35 million Americans are age 65 or older and the home ownership rate is 80 percent, according to the Aging In Place Initiative. Older Americans are willing to downsize their homes to maintain a certain lifestyle.

Rather than moving to warmer climates, most want to stay in the communities where they live, work and raised their children. MainStay Investments found that 47 percent of older Americans surveyed would downsize their home and work longer to maintain what they consider basic needs.

Traditionally those would be food, clothing and housing. Now, those basic needs include a far more eclectic mix. Eighty-four percent of those surveyed reported having an Internet connection is a basic need, and 66 percent felt that shopping for birthdays and special occasions is a necessity.

Pet care is considered a necessity for 51 percent of respondents while 50 percent feel that taking a vacation once a year is a need, not a luxury. The list also includes weekend getaways, professional hair care, education and dining out.

Many of these needs do make sense; because families can be spread all over the country, the web helps keep them connected with each other’s lives. Pets have become another source of emotional support when families no longer have a local connection.

But the age of excess is over and older Americans, never very good at saving, must continue to re-evaluate what is important and make adjustments for a future in an uncertain economy.

Saint Charles County Real Estate

Senior homebuyers want simplification, good design, and smaller homes

Americans age 55+ are looking for homes close to family, work, and with a sense of style.

What does the 55+ crowd want in a home? Smaller, more energy-efficient homes in active, vital communities near work and family are the top requirements. Those are the findings from a study by MetLife and the National Association of Home Builders (NAHB) called “Housing for the 55+ Market: Trends and Insights on Boomers and Beyond.”

The study reveals that Boomers are looking for smaller, less expensive homes. This group isn’t ready to retire anytime soon, and with the Great Recession complicating things, they are staying in their jobs as long as possible to recoup financial losses.

The lure of “age-restricted” communities is there too, but only those that fit into the active lifestyle. These people aren’t ready for the rocking chair. The study notes that “those who moved from their existing homes did so primarily for reasons relating to their families, but the design and quality of the home, as well as the design and layout were the factors most often considered.”

Dave Crowe, NAHB’s chief economist agrees. “ A strong and growing number of retirees and empty-nesters are interested in either downsizing or moving to a more user-friendly home, especially if it’s near their existing community.”

Homebuilders are beginning to recognize what boomers want and incorporate that lifestyle in home design. In addition to a smaller home, a one level floor plan is preferable with open space and tall ceilings. Wider hallways are a plus, as is minimizing unnecessary staircases. Over 55ers want small luxuries, like double sinks and a soaking Jacuzzi-style tub, plus some space for hobbies.

Boomers, 38.9 million over the age of 65, are well-traveled, sophisticated consumers who have a good sense of what they want. And for housing, they want simplification that will enhance their lifestyles.

Senior Living in St. Charles

Written by Myra Vandersall

Seniors are still buying homes and want an active lifestyle

Healthcare, cost of living, recreation and education are high on the list

Where are the most affordable places for the 55+ crowd to retire and own homes? U.S. News & World Report highlighted the top 10 places attractive for seniors to begin a second life. The cities chosen are based on a criteria of median home prices, affordable cost of living, good healthcare resources, and recreational activities.

Another very important factor is the availability of jobs and a low unemployment rate. Seniors aren’t “re-tired”; they still want an active professional life as well.

Let’s look the best affordable places for 55 plus homeowners to retire: Ann Arbor, MI, Ashville, N.C., Aurora, CO, Columbia, S.C., Columbus, OH, Eugene, OR, Fort Worth, TX, Jacksonville, FL, Kansas City, MO, and Tucson, AR.

One common theme for these locations is the presence of a college or university. The cultural, academic and sports opportunities offered by an educational institution do attract seniors who don’t settle for an inactive retirement.

St. Charles County and the St. Louis metro region have many characteristics to attract senior homebuyers too–colleges and universities, healthcare, easy access to cultural events and plenty of sports, both professional and amateur. If you are considering selling your home, what would attract a senior buyer, in addition to the regional amenities?

The good news is 90 percent of the 55+ homebuyers are moving in the same general area or from a different part of the state, according to a survey by conducted by The National Association of Home Builders and the MetLife Mature Market Institute. Smaller, single family homes are preferred by 79 percent of the respondents, and open kitchen/family rooms, a washer and dryer plus lots of storage.

The 55+ age group is tuned into technology. They was special places for computers, advanced security systems, built-in wiring for flat screens and programmable, but easy to use thermostats. Energy efficient appliances are musts for 79 percent of the respondent group while other green concepts include solar heating, a water filtering system and chemical-free building materials.

Keep these tips in mind as you consider selling your home. Remember, every size home has a potential buyer out there.

Written by Myra Vandersall

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