Number Of Senior Homebuyers Growing

April 1, 2008

The number of households headed by persons over age 55 is growing, and will continue to grow. They now make up 20.9 percent of all new home buyers and 24.3 percent of new custom home buyers, according to a study by the National Association of Home Builders.

The good news for home builders is that many of these buyers have accumulated wealth over the years and can pay for new homes by selling their existing homes, the study report noted. However, the vast majority of people age 55 and above tend to be content with their current homes, so the challenge for builders is to develop products that will be attractive enough to lure them away from their established home and into a new one.

Posted in Real Estate, Things of Interest