Boomers snap up easier life

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By Michele Lerner

The baby boom generation, followed and researched for its impact on everything from social values to politics to the economy, is edging closer to retirement age. Real estate developers have been eagerly studying the potential moves this age group will make, revamping home designs and creating communities that they hope will appeal to the over-55 set. At the same time, the National Association of Home Builders (NAHB) and the AARP developed a Certified Aging-in-Place Specialist (CAPS) program to teach contractors and remodeling professionals how to adapt existing homes for older household members.

The U.S. Census Bureau says that there were 67 million Americans over 55 in 2005, a group that is projected to grow to 85 million by 2014. By 2012, 40 percent of all households will be age 55 and older.

That magic age of 55, though, does not necessarily indicate that people are considering retirement or moving. According to an AARP study, 89 percent of people age 50 and above want to remain in their current home indefinitely. The 2005 Census Bureau Current Population Survey shows that only about 5 percent of people age 55 and older move per year.

The Baltimore-Washington Regional New Home Buyer Survey of March 2007, conducted by Fulton Research and Consulting, tracked some of the desires of 55-plus potential homebuyers.

"Since we conducted the survey, we have to assume that some people have not been able to move because they have lost some of the equity in their homes, and certainly we know people are working longer than they used to," says Dan Fulton, president of Fulton Research and Consulting. "But what they want in terms of a lifestyle hasn't changed. Empty-nesters are looking for a community where they can be active, meet people and stay in control as they age, being able to walk to shops and for exercise."

Mr. Fulton says that the survey found that about one-third of those interviewed want to live in an age-restricted community, one-third in an all-age community and one-third in a "targeted" community that, while not restricted, is geared through its home styles and amenities to an older population rather than young families.

Elliot Totah, executive vice president of the Oxbridge Group, developers of the Shenandoah active-adult community in Frederick County, Va., says, "In a broad perspective, the 55-plus population is looking for a significant lifestyle component for their retirement. They want to make the most of the extra time they will have when they work fewer hours to pursue interests with their like-minded peers."

Geography is also important to the older population, who usually want to live near urban centers and their friends, children and grandchildren. The NAHB Senior Migration Studies show that more than 50 percent of those age 55 and above who moved in 2005 chose to stay in the same county. Even those who moved to a different county tend to move to nearby areas.

"Active-adult developments are building communities not just in terms of the bricks and mortar, but in terms of the people who live in them," Mr. Totah says.

Mr. Fulton's research shows that older households are more interested in living in a nice community with a clubhouse, walking trails and group activities than in the home itself.