Great Depression Homes vs. Today’s Homes

May 2, 2007

People who grew up during the Great Depression bought homes in the 1940s and ’50s replete with one-car garages, Formica countertops and vinyl floors. In recent years, baby Boomers have been much more picky. Armed with greater wealth, they often demand 10-foot ceilings, high-end appliances, a clubhouse concierge and live theater performances. Major builders who know how to deliver that lifestyle are enjoying brisk sales, even as today’s housing downturn continues.

The over-55 market is growing and becoming a much more important sector in the home buying market. In 2005, the U.S. Census estimated that there were 67 million people age 55 and older. That 55-plus population will grow at more than two percent a year during the next decade and reach 85 million by 2014, it was estimated by the National Association of Home Builders. It was also predicted that someone 55 or older will head 40 percent of all households by 2012.

Baby Boomers have a substantial share of the nation’s wealth — about $2.8 trillion or 36 percent of total household income.

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