Realtor.org | February 23, 2016
While many in the real estate industry are focused on the wants and needs of millennial buyers, older generations of home buyers still have a lot of purchasing power. Baby boomers actually make up 31 percent of the home buying population, and real estate pros need to be familiar with their housing and neighborhood preferences.
According to National Assn. of Home Builder’s new Housing Preferences of the Boomer Generation report, this generation seeks out single-family detached homes in low-traffic communities. In fact, nearly 80 percent of boomers say they prefer cul de sac lot designs since they limit the traffic flow.
This study collected information from 4,326 recent and prospective buyers of all demographics. NAHB asked respondents to label 19 community features as essential/must-have, desirable, indifferent, and do not want.
Most essential community features for boomers:
1. Single-family detached homes
2. Close access to retail
3. Proximity to a park or walking/jogging area
4. Living near a lake
5. Outdoor maintenance service provided
Check out the full report here.
Source: “Boomers Prefer Suburbs and Cul de Sacs,” Eye on Housing Blog (Feb. 11, 2016)