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Demographic Profile:
An estimated 3.7 million baby boomers will turn 55 in 2004, bringing the
total baby boomers aged 55-plus to 10.8 million. This generation’s demand for
empty-nest and senior housing is one that cannot be ignored.
Many baby boomers are cashing in on their real
estate equity.
- Baby boomers are defined as the generation born between 1946 and 1964
- By the year 2012, there will be 39.2 million baby boomers aged 55 and
older.
- According to the Fair Housing Law, at 55, a buyer is eligible to live in
a legally “age-restricted” community.
- There is a growing demand for active adult housing that meets the needs,
demands and lifestyles of this unique generation.
- Of the estimated 13.3 million households that move per year, 12.2
percent of them are aged 55 and older.
- Baby boomers control about 70 percent of the nation’s wealth and 50
percent of all discretionary income.
The typical single-family home in an age-restricted community (age 55 and older)
has:
- 1,500 square feet of living space
- Six rooms, two bedrooms and two full bathrooms
- Gated neighborhood with recreational facilities such as walking/jogging
trails, community center or clubhouse, golf course and private or
restricted-access beaches
Of the 55-and-over households that move per year:
- 6.8 percent of those aged 55 to 64 move into age-restricted communities
- 15.6 percent of those aged 65 to 74 move into age-restricted communities
- 29.8 percent of those aged 75 and up move into age-restricted
communities
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