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NAHB: In Fla., 44% of homes headed by 55+ adult

In 55+ Community, florida, Home Buyer, home sellers, Industry trends, Miami-Dade County, real estate on July 19, 2012 at 6:55 pm

WASHINGTON – July 19, 2012 – A recent analysis of government data by the National Association of Home Builders (NAHB) finds that the geographic distribution of households headed by someone age 55 or older is fairly even across most of the country – no state has less than 30 percent of all households meeting this description.

In Florida – the No. 2 state for older adult head-of-households – 44 percent of households are headed by an adult at least 55-years old.

According to NAHB, however, more baby boomers will cross the 55-year age mark, and the percentage of older-adult households will continue to grow. NAHB’s long-term forecast indicates that the share of 55-plus households will increase yearly through 2019 until it account for nearly 45 percent of all U.S. households.

“As more baby boomers approach retirement and the average age of the U.S. population increases, many businesses – including home builders – are showing increased interest in designing products that appeal to customers 55 and older,” says Paul Emrath, NAHB’s vice president of survey and housing policy research. “This research shows that 55-plus developments should be possible in every state.”

Findings

• In the U.S., 43.9 million households are headed by someone 55 years old or higher, accounting for nearly 38 percent of all U.S. households.

• Among the 50 states and District of Columbia, the share of households ranges from 31 to 45 percent.

West Virginia tops all states, with 45 percent of its households headed by someone 55 or older, followed by Florida at 44 percent, Hawaii and Maine (43 percent each) and Pennsylvania and Montana (42 percent each).

• Utah and Alaska are the only states where less than one-third of the households are 55+.

• For 97 percent of all 3,143 U.S. counties, the share of households age 55 or older is more than 30 percent.

• 44 U.S. counties have a 55-plus household share over 60 percent.

• Sumter County and Mineral County, Colo., have the highest percentage of 55-plus households at 77 percent.

NAHB 50+ Housing Council Chairman W. Don Whyte says the new baby boomers are “radically different” that the generations that precede them. “The customers are fitter, more computer savvy and plan to live an entirely different lifestyle from what they might have thought previously – or what we would have aimed at providing for them,” he says.

NAHB has posted its full analysis of the baby boomer households on its website.

Reprinted by permission: © 2012 Florida Realtors®

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Active Adult Housing Sector Still Stalled

In 55+ Community, Active Adult Community, HOPA on November 15, 2010 at 3:27 pm

WASHINGTON – Nov. 15, 2010 – The third-quarter results from the National Association of Home Builders’ 55+ Housing Market Index (HMI) find that builder confidence in the mature-market sector reflects the larger housing market’s bleak landscape. Almost all categories surveyed declined from the levels reported in the third quarter of 2009.

“While we have anecdotal information that some local 55-plus markets are beginning to rebound, the third-quarter data show that national conditions for this sector have not yet turned the corner,” said NAHB’s Chief Economist, David Crowe. “Real improvement won’t happen until we have better employment numbers, and consumers who are more confident of keeping their jobs. Those consumers will buy the homes of the 55-plus age cohort, so that the mature buyers will be able to move to more appropriate housing.”

The 55-plus single-family HMI measures builder sentiment based on current sales, prospective buyer traffic and anticipated six-month sales for the 55-plus single-family market. A number greater than 50 indicates that more builders view conditions as good than poor.

In the third quarter of 2010, the index came in at 15, a five-point drop from the third quarter of the previous year. Present sales dropped four points to 15. Expected sales (six months into the future) dropped six points to 24. And traffic of prospective buyers fell seven points to 11.

The 55-plus multifamily condo HMI also showed continued weakness, with an index level of 10, down from the previous year’s 13. All three index components – current sales, expected sales and buyer traffic – declined during this period.

The lone relatively bright spot remains multifamily rentals. While present production is quite low, and not expected to grow significantly in the next six months (both show index levels in the low teens), present demand came in at 28, while expected demand is at 32. Those demand levels have been consistently in the high 20s and low thirties for the most recent four quarters.1These statistics indicate that more respondents see some strength in rental demand compared to the number who see any growth in production of new rental apartments to support that demand.

For the full 55-plus HMI tables, visit www.nahb.org/55HMI

Reprinted by permission: © 2010 Florida Realtors®

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