Baby boomers say they want to move to a home that has a multicar garage and that’s near their grandchildren, according to the latest Del Webb Baby Boomer Survey, sponsored by national home builder PulteGroup Inc. The age at which baby boomers expect to retire is getting younger, down from 65 in 2013 to 63.7 in 2017, according to the survey of more than 1,000 adults between the ages of 50 and 65. Thirty-eight percent say they plan to purchase a home within the next three years, and 11 percent say they’re looking to buy within a year. Their top motivations for moving are retirement, the desire to downsize, and wanting a home in a better location.
“Retirement marks a new phase in a baby boomer’s life, and it only seems natural to relocate or move to a new home when transitioning away from their primary career, or from the day-to-day rearing of school-aged children,” says Jay Mason, vice president of market intelligence at PulteGroup. “Whether they are selling the homes where they raised their children and heading to sunnier pastures or staying near their hometown, it’s not surprising that the 55-and-older buyer wants a variety of options in their homes.”
Baby boomers have differing expectations for retirement, so their home preferences are diverse. But overall, they indicate that their top must-have features for their next home are a multicar garage with storage, open deck or patio, open floor plan, eat-in kitchen, and small, private yard. Further, 30 percent rank proximity to grandchildren as their number one consideration when choosing a community. The other two most popular community amenities are access to water (such as a beach, river, or lake) and parks or other open green spaces.
“Having grandchildren nearby was a surprise, as previous Del Webb surveys have shown that having grandchildren nearby in retirement wasn’t a priority,” Mason says. “The desire to nurture the grandchildren-to-grandparent connection appears to be strengthening between baby boomers and the millennial generation, who also have a strong desire to be near aging parents.”
Source: PulteGroup Inc.
