Builders, Buyers, And Beyond

SURVEY 55+ Housing: Builders, Buyers, and Beyond

55+ Housing:

Builders, Buyers, and Beyond

What Are Builders Building? What Do Buyers Want? September 2009

The MetLife Mature Market Institute® Established in 1997, the Mature Market Institute (MMI) is MetLife’s research organization and a recognized thought leader on the multi-dimensional and multi-generational issues of aging and longevity. MMI’s groundbreaking research, gerontology expertise, national partnerships, and educational materials work to expand the knowledge and choices for those in, approaching, or caring for those in the mature market. MMI supports MetLife’s long-standing commitment to identifying emerging issues and innovative solutions for the challenges of life. MetLife, a subsidiary of MetLife, Inc. (NYSE:MET), is a leading provider of insurance, employee benefits, and financial services with operations throughout the United States and the Latin American, European, and Asia Pacific Regions. For more information about the MetLife Mature Market Institute, please visit: www.MatureMarketInstitute.com. Contact: MetLife Mature Market Institute 57 Greens Farms Road Westport, CT 06880 (203) 221-6580 • Fax (203) 454-5339 [email protected]

National Association of Home Builders The National Association of Home Builders (NAHB) is a Washington, D.C.-based trade association representing more than 200,000 members involved in home building, remodeling, multi-family construction, property management, subcontracting, design, housing finance, building product manufacturing, and other aspects of residential and light commercial construction. Known as “the voice of the housing industry,” NAHB is affiliated with more than 800 state and local home builders associations around the country. NAHB’s builder members will construct about 80 percent of the new housing units projected for 2009. Contact: National Association of Home Builders 1201 15th Street, NW Washington, DC 20005 (202) 266-8200, x0 • Fax (202) 266-8400 www.nahb.org Photo credits on front cover: Upper left photo of Highland Meadows courtesy of NAHB 50+ Housing Council. Lower right photo at the Eskaton National Demonstration Home in Roseville, CA (Gold winner in the 2009 NAHB Best of 50+ Housing Awards); courtesy NAHB 50+ Housing Council. © 2009 MetLife

Table of Contents Executive Summary..................................................................................................5 › Key Findings........................................................................................................................................ 5 › Gaps Between Builders’ Plans and Buyers’ Priorities..................................................................... 7

Introduction.............................................................................................................8 › Consumer Highlights......................................................................................................................... 8

Consumer Survey...................................................................................................11 › Owners Predominate, with Variation by Region and Income....................................................11 › Many New Homeowners Are Still a Few Years Away from Buying...........................................11 › Market Value of Current Home......................................................................................................11 › Most Have Owned Multiple Homes...............................................................................................11 › Single-Family Home Remains Top Choice...................................................................................11 › 55+ Housing—Open for Consideration........................................................................................12 › Most Plan to Age in Current Home...............................................................................................12 › Suburbia Remains Location of Choice for New Home................................................................12 › “Same-Sizing” the Current Home and Preferred New Buy.........................................................13 › Price Expectations Show Wide Variation......................................................................................14 › Preferred Design and Layout Features in New Home.................................................................14 › Important Features in Purchase Decision.....................................................................................15 › Services Available Don’t Match What Consumers Would Like to Have...................................15 › “Environmentally Friendly” in Principle.......................................................................................17 › Energy-Efficient: Pay More to Save More.....................................................................................17 › Preferred Environmental Features in a New Home.....................................................................18 › Many Are Willing to Pay for Some Environmental Features......................................................18 › Importance of Community Amenities and Features...................................................................18 › Importance of Security and Technology Features........................................................................18 › Traditional Fixed Loans Are Preferred Financing Options........................................................19 › Paying Extra for Green Amenities..................................................................................................20

Builder Survey........................................................................................................21 › Building for the Broad 55+ Market................................................................................................21 › Trend to Single-Family Detached Homes.....................................................................................21 › Building in the Higher Price Range...............................................................................................22 › Housing Starts Decline in 2008......................................................................................................22 (continued…) 55+ Housing: Builders, Buyers, AND Beyond

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Table of Contents Builder Survey (continued) › Dollar Revenue of Residential Construction in 2008.................................................................. 22 › Building 55+ Communities Mostly in the Suburbs..................................................................... 22 › 55+ Customers Relocating Locally................................................................................................. 23 › Less Maintenance and More Family Motivate Movers................................................................ 24 › Builders Changing Features and Amenities Included in Home................................................. 24 › Location Features and Amenities in 55+ Communities . ........................................................... 26 › Services Included in 55+ Communities Built During 2008 and Planned to Include in 2009...........27 › High-Speed Internet Rated Top Builder Home Amenity............................................................ 28 › Same Old (One) Story...................................................................................................................... 28 › Customers Buying in 55+ Communities Resistant to Accessibility Features........................... 29 › Regular Sales Incentives/Premiums Offered to Promote 55+ Housing Development During 2008...................................................................................... 29 › 55+ Home Buyers Up Their Down Payment, but Less Use Cash............................................... 29 › Most 55+ Buying Homes at About the Same or Less Value Than Their Previous Home....... 29 › Experience and Recommendations Count When Selecting Their Lenders............................. 29 › Equity from Current Home Is Primary Source of 55+ Buyers’ Down Payment...................... 30 › Tighter Mortgage Lending Standards Affected Sale of New Homes During 2008 but Higher Energy Costs Did Not.................................................... 30 › Some/Most 55+ Buyers Willing to Pay Extra for Technology Options and Upgrades............ 30 › Some Home Builders Changing Plans for the Future Because of Substantial Increase in Energy Costs.......................................................................... 30 › Buyers Want Energy-Efficient Homes........................................................................................... 31 › Buyers’ Willingness to Pay Extra for Green Amenities Varies.................................................... 31

Consumer/Builder Gap Analysis............................................................................ 32 › Type of 55+ Housing Built by Builders and Type Preferred by 55+ Households..................... 32 › Location............................................................................................................................................. 33 › Two Story versus One Story............................................................................................................ 33 › Standard Home Features and Amenities....................................................................................... 34 › Standard Location and Community Amenities........................................................................... 36 › Services Included in 55+ Communities During 2008 and 55+ Household Preferences......... 37 ›A  dvanced Features Included by Builders in 55+ Communities and Services 55+ Households Would Prefer to Have.................................................................. 38

Conclusion.............................................................................................................. 39 Methodology........................................................................................................... 41

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Executive Summary In April 2009, the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute (MMI) released Housing for the 55+ Market: Trends and Insights on Boomers and Beyond, a study examining the trends in 55+ housing between 2001–2007 using data from the American Housing Survey, with projections of this market through 2010. These organizations also undertook a collaborative effort to study the housing preferences of households aged 55+ and how builders are serving that housing market. The second part of the NAHB/MMI study, titled 55+ Housing: Builders, Buyers, and Beyond, includes two surveys. One analyzed builders creating communities/homes for 55+ home buyers in 2008–2009 and reported on the features, amenities, and services they are including in those homes and communities, and compared selected results to a comparable builder survey conducted in 2002. The second survey covered the preferences of 55+ households and reported on the features, amenities, and services they would like to have in their homes and communities and how they value them, with some emphasis on “green” building, universal design, and energyefficiency issues. This report provides summary data on both the builder and consumer surveys and focuses on the gap between the built product and consumer preferences. It also provides an extensive data resource of the characteristics of consumers and what builders are offering in the marketplace. In addition, a pair of chart books with the detailed results of both surveys and the gap analysis are available under separate cover from NAHB and MMI.

Key Findings ›W  here Are They Now? Roughly 9% of the respondents live in an active adult age-restricted community, 7% live in a community that is not age-restricted but where most buyers are 55 or older, and 28% live in an independent living community. However, many would consider other options. ›S  tay or Go? About two-thirds of respondents (63%) plan to age in their current homes, while 12% plan to buy another home. About one-quarter (26%) are not sure.

55+ Housing: Builders, Buyers, AND Beyond

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Executive Summary ›S  uburban Life Preferred: The majority of respondents prefer a home in a suburb, with 32% wanting to live in close-in suburbs and 31% in outlying suburbs. In comparison, 28% prefer a rural community, while only 9% want to live in a central city. ›O  ne-Level Living: Respondents overwhelmingly prefer a single-story home (79%) over a two-story home (15%) or a split-level home (7%). › “ Same-Sizing” the New Home: The median size of the respondents’ present home is 1,886 square feet, compared to the median 1,903 square feet they want in a new home. More than half of respondents (51%) prefer three bedrooms, while 18% want four or more bedrooms. About three-quarters prefer the master bedroom on the first floor.

›D  ownsize on the Price: The median price respondents expect to pay for their next home is $189,426, which is less than the median price of $198,119 paid by those respondents who bought a home within the last three years. This compares to their current home, which has an average market value of $267,401. ›T  op Five Inside Features: The five features rated most important were: washer and dryer in the home/unit, storage space, windows that open easily, master bedroom on the first floor in a two-story home, and easily usable climate control (thermostat). ›G  reen Is Good, but Not Key: About one-quarter of 55+ respondents do not care about the impact building a home has on the environment. While another 23% said they are concerned about the environment, it does not drive their decision to purchase. Only 12% said they would pay more for an environmentally friendly home. Respondents are willing to pay an average amount of $6,732 (median $4,000) if it would save $1,000 annually in utility costs. ›T  op Five Green Features: Respondents cited energy-efficient appliances (79%), followed by solar heating (63%), water filtering systems (58%), allergen-free/chemical-free building materials (42%), and open space (37%). ›W  hat’s Close By? Most respondents listed proximity to a shopping center as influencing their choice of a new community (57% noted it as Somewhat to Very Important), followed by proximity to a hospital/doctor’s office (55% rated it as Somewhat to Very Important). ›O  nline Is a Must: Technology features are important to 55+ consumers, with 83% of respondents rating high-speed Internet access as Somewhat to Very Important. Also earning

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high ratings were home security systems and structured wiring (a system of low-voltage wires designed to carry electronic signals throughout a home). ›H  ow Buyers Are Paying for Home: Nearly half of the 55+ respondents (41%) prefer a 30-year fixed loan when purchasing a new home, followed by a 15-year fixed loan (38%). A small number (5%) preferred a reverse mortgage, some type of adjustable rate loan (5%), or an interest-only loan (3%). ›L  ess Maintenance, More Family Are Top Motivators: Builders were asked to indicate their 55+ customers’ motivations for relocating. Sixty-three percent of builders reported a desire for a maintenance-free lifestyle from their customers, 46% a desire to move closer to children/family, and 32% a desire for lower living costs. Gaps Between Builders’ Plans and Buyers’ Priorities Consumer responses were compared to results from the Builder Survey on 55+ Housing, which included many of the same issues and items, particularly in the area of features and amenities in both the home and community. For some items, the results show a significant difference between what builders are including in new homes for the 55+ population and what consumers would prefer to have. A review of the gap between builders providing these amenities and features, and consumer preferences for them reveals some interesting contrasts. Builders seem to be doing a very good job of including more amenities/features associated with the advantages of universal design recommendations (i.e., lever-handle/ door knobs, wider doors and hallways, separate shower and bath), but consumer preferences do not reflect an equal appreciation of these

features. Consumers also have some clear preferences for features such as non-slip floors, larger medicine cabinets, lower kitchen cabinets, and emergency call buttons which many builders see as less important. In other ways, builders and consumers seem to be on the same page; for example, consumers are clearly interested in many location amenities or proximity to community resources such as shopping and medical services, and builders and developers have been responding to these preferences in locating their communities. Builders also are interested in and starting to provide more “green building” features as well as energy-efficient and environmentally sensitive features. While many consumers are conceptually supportive of many of these efforts, far fewer are willing to pay significantly more for a home emphasizing such features and amenities. One of the most consistent areas of large preference/provision gaps is in the provision of services such as interior and exterior home repair, transportation, housecleaning, etc., as consumers clearly strive for a maintenance-free lifestyle. Builders are just as clearly reluctant to move too far from their primary business of construction rather than community services.

55+ Housing: Builders, Buyers, AND Beyond

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Introduction The Baby Boomers, born between 1946 and 1964, have had an impact on society that started with their childhood and continues through their transition into retirement. Recognizing the importance of this influential generation on the housing industry and with many of them now entering the 55+ housing market, the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute (MMI) jointly completed a major research project that closely examined the 55+ population—many Boomers as well as older age cohorts—and their preferences in homes and communities, as well as the housing industry’s response to consumer demand.

for in their next home or community. It also asked respondents about the importance of living in an “environmentally friendly” (green) home, universal design features, and their preferred methods to pay for their next home purchase.

The first part of the research, Housing for the 55+ Market: Trends and Insights on Boomers and Beyond, was released in April 2009. One of the most comprehensive reports dedicated to this market segment, the research included analysis of data from the most recent American Housing Surveys (AHS) from the U.S. Census Bureau. The report looked closely at trends that emerged during a six-year period from 2001 through 2007. It examined the 55+ households’ share of the housing market, and provided a forecast for construction of age-restricted and other types of housing geared to the 55+ market in 2009 and 2010.

The research provides a more complete picture of what the 55+ market wants to see in their future homes and communities, and helps builders better meet consumer demand.

This second part of the project, 55+ Housing: Builders, Buyers, and Beyond, includes findings from companion consumer and builder surveys conducted by NAHB and MMI in early 2009. The consumer survey asked a nationwide sample of heads of households aged 55 and older about the current homes and communities in which they live, their desire to either age in place or move into a different home, design features in their homes, amenities in their communities, and what they are looking 8

The builder survey asked builders to identify the features, amenities, and services they provide to 55+ home buyers. Meanwhile, a gap analysis highlights the similarities between consumers and builders, as well as the differences between what builders are providing in new homes for the 55+ population and what consumers are looking for.

Consumer Highlights ›A  bout two-thirds of the 55+ respondents own and one-third rent. ›E  ight percent of the 55+ respondents plan to buy a home within three years, and another 4% plan to do it after three years. ›T  he average market value of the respondents’ current home is $267,401. ›E  ighty-eight percent of the 55+ respondents have owned at least one or more homes, while 12% have owned none. Twenty-six percent have owned one home and 62% have owned two or more homes. › S ixty-six percent of the 55+ respondents currently live in a single-family detached home and 6% live in a single-family attached (town house) home. However, 53% would

like to buy a single-family detached home and 13% would like to buy a single-family attached (town house) home. ›O  nly 9% of the respondents live in an active adult community (age-restricted), 7% live in a community that is not age-restricted but most buyers are 55+, and 28% live in an independent living community. The remaining 56% did not specify the type of community they live in. Twenty-two percent of the respondents would consider moving to an active adult community (age-restricted), and 27% would consider a community not age-restricted, but where most buyers are 55+. Another 28% would consider moving to an independent living community. ›A  bout two-thirds of the respondents (63%) plan to age in their current home, while 12% plan to buy another home. The remaining 26% are not sure. ›A  bout one-third (32%) of the 55+ respondents prefer a home in close-in suburbs, one-third (31%) in outlying suburbs, and 28% in a rural community. Only 9% prefer to buy a home in a central city. ›T  he median size of the 55+ respondents’ present home is 1,886 square feet, which is not much different from the median 1,903 square feet they would like to have in a new home. ›T  he median amount respondents expect to pay is $189,426. Among those respondents who bought a home in the last three years, the median price paid for their home is $198,119. ›A  single-story home was preferred by 79% of the respondents, two-story by 15%, and split-level by 7%. ›M  ore than half (51%) of the respondents prefer three bedrooms, and another 18% prefer to have four or more bedrooms.

› S ixty-nine percent of respondents prefer to have the master bedroom on the first floor only, while 12% would prefer it on the second floor in a two-story home. Consumers were asked to rate the importance of 36 different features in their purchase decision on a scale of 1 to 5, where 1=Not at All Important and 5= Very Important. • W  asher and dryer in the home/unit were given the highest average rating, 4.5; followed by storage space, 4.3; windows that can open easily, 4.2; master bedroom on the first floor in a two-story home, 4.0; and easily usable climate control (thermostat) at 4.0. • P  rivate patio and garage door opener were both given an average rating of 3.9; front/back porch and bigger bathrooms received an average rating of 3.8; and attached garage and a full bath on the entry level received a rating of 3.7. • F  our features received an average rating of 3.5: non-slip floors, extra lighting, kitchen cabinets with roll-out trays and lazy Susans, and grab bars in the bathroom. ›R  espondents were asked to indicate the services (from 13 listed) they currently have and which they would like to have in their next home and community. Outdoor maintenance service (grounds) is currently available to 44% of the respondents, but 52% would like to have it in their next home. Social activities are currently available to only 30% of the respondents, but somewhat more (36%) would like to have them in their next home. Some of the other services which are currently available to only a small share of respondents, but a higher share of

55+ Housing: Builders, Buyers, AND Beyond

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Introduction 55+ households would like to have in their next home, include home repair services, housekeeping, transportation, and personal care services. ›M  ore than one-quarter (27%) of the respondents are not concerned about the impact of building homes on the environment. Another 23% are concerned about the environment, but it is not a consideration in house purchase. Another 37% want an “environment-friendly” home, but would not pay more, and only 12% would pay more for an “environmentfriendly” home. ›R  espondents are willing to pay an average amount of $6,732 (median $4,000) if it would save $1,000 annually in utility costs. ›W  hen asked about which of 10 environmental features listed respondents would prefer to have in their new home, “increased energy-efficient appliances” topped the list with 79% of the respondents preferring them, followed by solar heating (63%), water filtering system (58%), allergen-free and chemical-free building materials (42%), and open space (37%). ›O  nly 14% of the respondents are willing to pay extra for most of the environmental features, while another 63% are willing to pay extra for some of them. The remaining 22% are not willing to pay for any environmental features. ›R  espondents were asked to rate 12 community amenities and features that would seriously influence them to move to a new community. Proximity to a shopping center was given an average rating of 3.6 (57% rated it Somewhat to Very Important), followed by proximity to a hospital/doctor’s office with an average rating of 3.6 (55% rated it Somewhat to Very Important). 10

›R  espondents were asked to rate the importance of different security and technology features (listed 14 features). High-speed Internet access was given an average rating of 4.3 (83% rated it Somewhat to Very Important), followed by a home security system at 3.6 (55% rated it Somewhat to Very Important), structured wiring (a system of low-voltage wires designed to carry electronic signals throughout a home) at 3.6 (53% rated it Somewhat to Very Important), and energy management at 3.5 (55% rated it Somewhat to Very Important). ›T  he 30-year fixed loan was the financing option preferred when buying a house by 41% of the respondents, followed by the 15-year fixed loan, which was preferred by 38%. Only 5% of the respondents preferred a reverse mortgage, 5% preferred some type of adjustable rate loan, and 3% preferred an interest-only loan. ›R  espondents were asked to indicate if they are willing to pay for different green amenities such as energy efficiency, building materials, preservation of open space, air filtration, and low VOC paints. About three out of four respondents are willing to pay for energy efficiency and air filtration. About 46% are willing to pay for the preservation of open space and only about one-third (37%) are willing to pay for both low VOC paints and building materials. For most of these green amenities, respondents are willing to pay less than 5% of the sale price of the home.

Consumer Survey Owners Predominate, with Variation by Region and Income About two-thirds of the 55+ respondents own and one-third rent. There are some significant differences across divisions in the share of respondents who are owners, ranging from 58% in the Pacific to 77% in the South Atlantic. Significant differences exist when analyzed by income as well: only 43% of 55+ households with income under $30,000 own their homes, compared to 90% of those with income topping $150,000 (see Consumer Survey Chart Book). Many New Homeowners Are Still a Few Years Away from Buying Eight percent of the 55+ respondents plan to buy a home within three years and another 4% plan to do it after three years (see Figure 1). The share of respondents who plan to buy a home within the next three years varies from 4% in Mountain states to 10% and 13% in the West North Central and East South Central regions, respectively. While 11% of respondents between

the ages of 55 and 64 plan to buy a home within three years, only 5% of those 65 to 74 and 3% of those 75 or older plan to do so. Market Value of Current Home The average market value of the respondents’ current home is $267,401. This varies from $180,954 in the West South Central to $450,783 in Pacific states. Most Have Owned Multiple Homes About 88% of the 55+ respondents have owned at least one or more homes, while 12% have owned none. Twenty-six percent have owned one home and 62% have owned two or more homes. There are significant differences by household income: 76% of respondents with income under $30,000 have owned at least one home, compared to 99% of those with income more than $100,000. Single-Family Home Remains Top Choice Around 66% of the 55+ respondents currently live in a single-family detached home and

Figure 1: When Respondents Plan to Purchase a Home Less Than 1 Year

2%

1–2 Years

3%

2–3 Years

3%

More Than 3 Years

4% 9%

Not Sure

78%

No Plans to Purchase 0%

10%

20%

30%

40%

50%

55+ Housing: Builders, Buyers, AND Beyond

60%

70%

80%

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Consumer Survey 6% live in a single-family attached home (town house), but 53% would like to buy a single-family detached home and 13% would like to buy a single-family attached home (town house).

Most survey respondents bought their current home more than five years ago: 9% bought it in the last three years, 9% three to five years ago, and the remaining 82% more than five years ago.

55+ Housing—Open for Consideration

Most Plan to Age in Current Home About two-thirds of the respondents (63%) plan to age in their current home, while 12% plan to buy another home. The remaining 26% are not sure (see Figure 3). The plan to age in their current home varies with the age of the head of the household. Among those 55 to 64 years old, 55% plan to age in their current home, with that share rising to 67% for households headed by someone 65 to 74 years old, and to 78% for those 75 years or older.

Only 9% of the respondents live in an active adult community (age-restricted) and 7% live in a community that is not age-restricted, but in which most buyers are 55+, and 28% live in an independent living community. The remaining 56% did not specify the type of community they live in. The share of respondents living in independent living communities increases with age: whereas 26% of 55- to 64-yearold respondents report living in this type of community, this rises to 41% of those 75 or older.

Suburbia Remains Location of Choice for New Home About one-third (32%) of the 55+ respondents prefer a home in close-in suburbs, one-third (31%) in outlying suburbs, and 28% in a rural community. Only 9% prefer to buy a home in a central city. There are significant differences in the area preferred to buy a home across

Twenty-two percent of the respondents would consider moving to an active adult community (age-restricted) and 27% would consider a community not age-restricted, but where most buyers are 55+. Another 28% would consider moving to an independent living community (see Figure 2).

Figure 2: Type of Community Currently Living In and Would Consider Moving To 28% 28%

Independent Living 9%

Active Adult (Age-Restricted) Not Age-Restricted, but Buyers Are 55+ Continuing Care Retirement Communities

22%

7%

27%

0%

5% 0% Nursing/Specialty Care Units 1% 0% Assisted Living Adult (Age-Restricted) 6%

Other 0%

10%

20%

Currently Living In

12

56%

35%

30%

40%

50%

60%

Would Consider Moving To

Figure 3: Plan to Age in This Home or Buy Another Home Age in This Home

63%

No, Will Buy Another Home

12%

Not Sure

26% 0%

10%

20%

different age groups. Close-in suburbs are preferred by 28% of the 55- to 64-year-old respondents, by 34% of those ages 65 to 74 years old, and by 42% of those 75 years or older. Rural areas are preferred by 31% of the 55- to 64-year-old respondents, 27% of those ages 65 to 74 years old, and 19% of the respondents 75 years or older. “Same-Sizing” the Current Home and Preferred New Buy The median size of the 55+ respondents’ present home is 1,886 square feet, which is not much different from the median 1,903 square

30%

40%

50%

60%

70%

feet they would like to have in a new home (see Figure 4). The square footage preferred varies directly with household income; whereas 55+ households with under $30,000 in income prefer a home with 1,750 square feet (median), those earning $30,000 to $49,999 prefer 1,759 square feet, those with $50,000 to $74,999 in income prefer 1,826 square feet, those with $75,000 to $99,999 prefer 1,980 square feet, those with $100,000 to $149,999 prefer 2,207 square feet, and those with income of $150,000 or more prefer 2,707 square feet.

Figure 4: Square Footage of Present Home and Square Footage Respondents Would Like to Have in New Home 29% 27%

Less Than 1,600 sq. ft.

29% 31%

1,600–1,999 sq. ft. 21% 23%

2,000–2,499 sq. ft. 11% 10%

2,500–2,999 sq. ft.

10% 10%

3,000 sq. ft. or More 0%

10% Present Home

20%

30%

40%

Would Like to Have

55+ Housing: Builders, Buyers, AND Beyond

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Consumer Survey rises with the age of the head of the household, varying from 74% for those 55 to 64 years old, to 82% for those 65 to 74 years old, and 88% of those 75 years or older.

Price Expectations Show Wide Variation Thirty-nine percent of 55+ respondents expect to pay $149,999 or less for their next home, another 28% expect to pay between $150,000 and $249,999, 17% between $250,000 and $349,999, while the remaining 16% expect to pay $350,000 or more. The median amount respondents expect to pay is $189,426. Among those respondents who bought a home in the last three years, the median price paid for their home is $198,119 (see Figure 5).

Number of bedrooms preferred: More than half (51%) of the respondents prefer three bedrooms, and another 18% prefer to have four or more bedrooms. Number of bathrooms preferred: Forty-three percent of the respondents prefer to have two bathrooms, another 22% prefer 2½ bathrooms, and 14% prefer to have three or more bathrooms.

Preferred Design and Layout Features in New Home Kitchen-family room: The arrangement preferred by respondents is: completely open (38%), visually open but with a half wall (35%), completely separate areas of house (12%), side-by-side but with a full wall (7%), and an oversized kitchen and no family room (7%).

Master bedroom location: Almost three out of four respondents prefer to have the master bedroom on the first floor only, while 12% would prefer it on the second floor in a twostory home. Only 4% of the respondents prefer to have a master bedroom on both floors. For about 5% of the respondents, the master bedroom on either floor is fine.

Single-story home: Seventy-nine percent of the respondents prefer a single-story home, followed by two stories (15%) and split-level (7%). The preference for a single-story home

Parking facility: Forty-six percent of the respondents would prefer to have a two-car garage, and another 16% would prefer a three-or-morecar garage.

Figure 5: Price Expected to Pay or Paid if Bought a Home in Last Three Years 19% 21%

Less Than $100,000 $100,000–$149,999

17%

20%

$150,000–$249,999

24% 17% 17%

$250,000–$349,999 9%

$350,000–$499,999 5%

$500,000–$999,999 $1 Million and Over 0%

11%

7%

2% 3% 5%

10%

Expect to Pay

14

28%

15%

20%

25%

30%

Paid if Bought in Last Three Years

Ceiling height: About one-third (31%) of the respondents would prefer a 9-foot ceiling height on the first floor, and another 21% would prefer a 10-foot ceiling height. Forty-five percent prefer an 8-foot ceiling height. On the second floor, about one-fourth (23%) prefer a 9-foot ceiling height, and another 11% prefer a 10-foot ceiling height. More than half (52%) prefer an 8-foot ceiling height.

Private patio and garage door opener were both given an average rating of 3.9, front/back porch and bigger bathrooms received an average rating of 3.8, attached garage and a full bath on the entry level each received a rating of 3.7. Four features received an average rating of 3.5: nonslip floors, extra lighting, kitchen cabinets with roll-out trays and lazy Susans, and grab bars in the bathroom (see Figure 6 on the following page).

Home without a living room: Only 11% of the respondents indicated that they would buy a home without a living room, and 73% said they would not. Sixteen percent of the respondents are not sure about buying a home without a living room.

Services Available Don’t Match What Consumers Would Like to Have Respondents were asked to indicate the services (from 13 listed) they currently have and which they would like to have in their next home and community. Forty-four percent of the respondents currently have outdoor maintenance service (grounds), but 52% would like to have it in their next home.

Important Features in Purchase Decision Consumers were asked to rate the importance of 36 different features in their purchase decision. A washer and dryer in the home/ unit were given the highest average rating, 4.5; followed closely by storage space, 4.3; windows that can open easily, 4.2; the master bedroom on the first floor in a two-story home, 4.0; and easily usable climate control (thermostat) at 4.0.

Social activities are currently available to only 30% of the respondents, but 36% would like to have them in their next home. Some of the other services are currently available to only a small share of respondents, but a higher share of 55+ households would like to have them in their next home (see Table 1).

Table 1: Home and Community Services Preference Currently Have It

Would Like to Have It

%

%

Transportation Service

17

38

Van Service

11

36

Minor Home Repair Service

27

47

Major Home Repair Service

21

47

7

40

On-Site Health Care

8

35

Partial Housekeeping

Home-Delivered Meals

15

48

Personal Care Service

9

35

Complete Housekeeping

11

42

Laundry Service

19

32

Outdoor Maintenance Service

44

52

Social Activities

30

36

Exterior Home Maintenance

29

50

55+ Housing: Builders, Buyers, AND Beyond

15

Consumer Survey Figure 6: Average Rating of Features That Will Allow You to Remain in Current Home After Retirement (1 = Not at All Important, 5 = Very Important) Washer and Dryer in the Home/Unit

4.5

Storage Space

4.3

Windows That Can Open Easily

4.2

Easily Usable Climate Control (Thermostat)

4.0

Master Bedroom on 1 Floor in Two-Story Home

4.0

Garage Door Opener

3.9

st

Private Patio

3.9

Bigger Bathrooms

3.8

Front or Back Porch

3.8

Full Bath on Entry Level

3.7

Attached Garage

3.7

Grab Bars in Bathroom

3.5

Kitchen Cabinets with Roll-out Trays and Lazy Susans

3.5

Extra Lighting

3.5

Non-Slip Floors

3.5

No Steps at Entrance

3.3

Wider Doors (32-in. Clearance)

3.3

Separate Shower and Bathtub

3.3

Wider Hallways

3.2

Higher Toilets

3.2

Central Island in Kitchen

3.1

Eating Counter in Kitchen

3.1

Large Medicine Cabinet

3.0

Kitchen Cabinets Little Lower

2.8

Electrical Outlets Little Higher

2.8

Emergency Call Button

2.8

Lever-Handle/Door Knobs

2.7

Sunroom

2.7

Shower without Doors

2.6

Seating in Bathroom

2.5

Smaller Lot (Less Than 9,000 sq. ft.)

2.5

Electrical Switches Little Lower

2.5

Wood-Burning Fireplace

2.5

Round Vanities in the Bathroom

2.3

Compartmentalized Toilet

2.3

Elevator

1.8

Other

2.5 0

16

1

2

3

4

5

Figure 7: Concern About the Impact of Building Homes on the Environment 27%

Not Concerned Concerned About Environment, but Not a Consideration in House Purchase

23%

Want “Environment-Friendly” Home, but Would Not Pay More

37%

Would Pay More For “Environment-Friendly” Home

12% 0%

“Environmentally Friendly” in Principle About one-quarter (27%) of the respondents are not concerned about the impact of building homes on the environment. Another 23% are concerned about the environment, but it is not a consideration in the home purchase. Another 37% want an “environment-friendly” home, but would not pay more, and only 12% would pay more for an “environmentfriendly” home (see Figure 7). There are some differences in the share of households willing to pay for “environment-friendly” homes across divisions: numbers range from 9% of those in the East North Central states to 19% in New England.

10%

20%

30%

40%

Energy-Efficient: Pay More to Save More Eleven percent of the respondents are willing to pay more than $10,000 upfront for their next home if it would save $1,000 in the yearly utility cost. Another 16% of the respondents would be willing to pay $5,001 to $10,000, 27% would be willing to pay $2,501 to $5,000, and 28% less than $2,500. Nineteen percent would not pay anything upfront (see Figure 8). Respondents are willing to pay an average amount of $6,732 (median $4,000) if it would save $1,000 annually in utility costs. The average amount households are willing to pay varies by the age of the head of the household, ranging from $7,267 for those ages 55 to 64, to $6,372 for those 65 to 74, to $5,586 for those 75 or older.

Figure 8: Extra Amount Would Pay Up Front for Next Home, if It Would Save $1,000 Every Year in Utility Costs 19%

Zero $1–$2,500

28%

$2,501–$5,000

27%

$5,001–$10,000

16%

Over $10,000 0%

11% 5%

10%

15%

20%

55+ Housing: Builders, Buyers, AND Beyond

25%

30%

17

Consumer Survey Preferred Environmental Features in a New Home When asked about which of 10 environmental features respondents would prefer to have in their new home, “increased energy-efficient appliances” topped the list, with 79% of the respondents preferring it (see Figure 9). Also rated highly were solar heating (63%), water filtering system (58%), allergen-free and chemical-free building materials (42%), and open space (37%).

Importance of Community Amenities and Features Respondents were asked to rate 12 community amenities and features that would seriously influence them to move to a new community (see Table 2).

Many Are Willing to Pay for Some Environmental Features Only 14% of the respondents are willing to pay extra for most of the environmental features, while another 63% are willing to pay extra for some of them. The remaining 22% are not willing to pay for any environmental features. The share of respondents not willing to pay for any environmental features varied by household income, ranging from 27% of those with income under $30,000 to 12% with income of $150,000 or more.

Importance of Security and Technology Features Respondents were asked to rate the importance of 14 different security and technology features important in their new home (see Table 3). High-speed Internet access received an average rating of 4.3 (83% rated it Somewhat to Very Important), followed by a home security system at 3.6 (55% rated it Somewhat to Very Important), structured wiring at 3.6 (53% rated it Somewhat to Very Important), and energy management at 3.5 (55% rated it Somewhat to Very Important).

Proximity to a shopping center received an average rating of 3.6 (57% rated it Somewhat to Very Important). It was followed by proximity to a hospital/doctor’s office, with an average rating of 3.6 (55% rated it Somewhat to Very Important).

Figure 9: Environmental Features Preferred in New Home 79%

Increase Energy-Efficient Appliances Solar Heating

63%

Water Filtering System

58%

Allergen-Free, Chemical-Free Building Materials

42%

Open Space

37%

Radon-Resistant Construction Techniques

33%

Wooded Lot

33%

Recycling Containers Built-In

30%

Smaller Lot

24%

Use of Materials, Alternative to Wood Products Other 0%

18

22% 5% 20%

40%

60%

80%

100%

Table 2: Preference for Community Amenities and Features Rating

Rating Somewhat to Very Important

%

%

Proximity to Shopping Center

3.6

57

Proximity to Hospital/Doctor’s Office

3.6

55

Drug Store

3.4

49

Proximity to Public Transportation

2.9

34

Proximity to Church

2.9

35

Convenience Store

2.8

33

Walking/Jogging Trails

2.8

31

Proximity to Library

2.8

31

Exercise Room

2.6

27

Recreation Center/Community Center/ Club House

2.5

22

Bike Trail

2.0

12

Golf Course

1.7

8

Table 3: Rating of Security/Technology Features Rating

Rating Somewhat to Very Important

%

%

High-Speed Internet Access

4.3

83

Home Security System

3.6

55

Structured Wiring

3.6

53

Energy Management

3.5

55

Lighting Control

3.2

42

Noise Reduction/Sound Control

2.9

34

Security Patrol

2.8

33

Intercom Entrance Phone

2.5

23

Home Automation

2.5

17

Automated Gates

2.4

22

Controlled Communicating Entrance

2.4

20

Video Entrance Phone

2.4

19

Distributed Audio

2.3

13

Home Theater

2.2

17

Traditional Fixed Loans Are Preferred Financing Options Forty-one percent of the respondents preferred a 30-year fixed loan as the top financing option when buying a house, followed by the 15-year

fixed loan (38%). Only 5% of the respondents preferred a reverse mortgage, 5% preferred some type of adjustable rate loan, and 3% preferred an interest-only loan (see Figure 10 on the following page).

55+ Housing: Builders, Buyers, AND Beyond

19

Consumer Survey Figure 10: Preferences for Length of Loan and Other Financial Options if Were to Buy a House 41%

30-Year Fixed

38%

15-Year Fixed Reverse Mortgage

5%

Interest Only

3%

2/5/7/10-Year Hybrid Adjustable Rate

3%

1 Year or Less Adjustable

2% 15%

Other 0%

10%

Paying Extra for Green Amenities Respondents were asked to indicate if they are willing to pay for different green amenities such as: energy-efficiency (i.e., low e-glass, energyefficient appliances, and sealed joints), building materials (i.e., OSB use and engineered wood), preservation of open space (i.e., minimizing disruption to existing vegetation and preserving natural water drainage), air filtration (i.e., high-efficiency heating, ventilation, and air conditioning equipment) and low VOC paints.

20%

30%

40%

50%

About three out of four respondents are willing to pay for energy-efficiency and air filtration. Forty-six percent are willing to pay for the preservation of open space and only about one-third (37%) are willing to pay for both low VOC paints and building materials (see Figure 11). For most of these green amenities, respondents are willing to pay less than 5% more than home’s sale price without them.

Figure 11: Share of Respondents Willing to Pay for Green Amenities Air Filtration (High-Efficiency, Heating, Ventilation, and Air Conditioning Equipment)

75%

Energy-Efficiency (Low E-Glass, EnergyEfficient Appliances, and Sealed Joints)

73%

Preservation of Open Space (Minimizing Disruption to Existing Vegetation and Preserving Natural Water Drainage) Low VOC Paints

37%

Building Materials (OSB Use and Engineered Wood)

37%

0%

20

46%

20%

40%

60%

80%

Builder Survey The Builder Survey on 55+ Housing was conducted in February 2009 by NAHB’s Economics and Housing Policy Group. The objective of this survey was to determine the features, amenities, and services builders are offering to 55+ home buyers.

Trend to Single-Family Detached Homes

Building for the Broad 55+ Market In 2008, 59% of builders built housing that was not age-restricted, but where most buyers were 55+, 25% of builders were building for agerestricted/active adults, 12% for independent living, and only 6% were building either assisted living, continuing care retirement communities, or nursing/specialty care units (3%, 2%, and 1%, respectively; see Figure 12).

In 2008, 69% of builders responding to the survey built single-family detached homes, while in 2002, only 37% of builders built single-family detached homes. In 2008, 29% of builders built single-family detached homes, and 58% built this type of housing in 2002. The most dramatic difference in the types of housing built is in the multi-family segments. Only 19% of builders built multi-family for sale and 7% of builders built multi-family for rent in 2008, while in 2002, 50% of builders built multi-family for sale and 44% of builders built multi-family for rent (see Figure 13 on the following page).

Figure 12: Housing Segments Built Not Age-Restricted, but Buyers Are 55+

59% 54% 25% 27%

Age-Restricted/ Active Adult 12% 14%

Independent Living 3% 5%

Assisted Living

2% 3%

Continuing Care Retirement Communities Nursing/Specialty Care Units

1% 1% 17% 17%

Other 0%

10%

20% 2008

30%

40%

50%

60%

Planned 2009

55+ Housing: Builders, Buyers, AND Beyond

21

Builder Survey for non-age-restricted but mostly 55+. In 2008, there are some differences in the average number of housing units started across the regions. The builders in the South region built an average of 101 units, while builders in the Northeast, Midwest, and West regions built an average of 22, 34, and 62 housing units, respectively (see Builder Survey Chart Book).

Building in the Higher Price Range Builders were asked to indicate the price ranges of the 55+ housing that their company built during 2008. Twenty-three percent of builders responding to the survey indicated that they built 55+ housing in the $500,000+ range, 28% built in the $350,000 to $499,999 range, 37% built in the $250,000 to 349,999 range, 34% built in the $200,000 to $249,999 range, 20% built in the $150,000 to $199,999 range, and only 6% built in the less than $150,000 range.

Dollar Revenue of Residential Construction in 2008 Almost half (48%) of the builders responding to the survey reported a dollar revenue between $1,000,000 and $4,999,999 for residential construction. Around 21% of firms reported residential dollar volume of less than $1,000,000, 12% between $5,000,000 and $9,999,999, 10% between $10,000,000 and $19,999,999, and 9% of $20,000,000 or more. The median dollar amount of revenue was $3.4 million.

Housing Starts Decline in 2008 In 2008, builders reported they built an average of 63 total housing units, while in 2002, builders built an average of 199 housing units. Those building single-family housing units built an average of 28 units for mixed-age buyers, while they built an average of only six units for agerestricted buyers and six units for non-agerestricted, but mostly 55+ buyers. Builders building multi-family housing units built an average of 16 units for age-restricted buyers, while they built an average of only five housing units for mixed-age buyers, and two housing units

Building 55+ Communities Mostly in the Suburbs Forty-six percent of builders built their 55+ communities in close-in suburbs, 30% in outer suburbs, 21% in rural areas, and 11% in central

Figure 13: Type of 55+ Housing Built During 2008 Single-Family Detached

69%

Single-Family Attached/Town House

29%

Multi-Family–For Sale (Condo/Co-Op) Multi-Family–For Rent Other

7%

9% 0%

22

19%

10% 20% 30% 40% 50% 60% 70% 80%

Figure 14: Location of 55+ Communities 46%

Close-In Suburbs

30%

Outer Suburbs

21%

Rural Areas

Central City

11%

0%

10%

cities (see Figure 14). This distribution is very similar to the location of 55+ communities in 2002 and across regions. 55+ Customers Relocating Locally In response to the question, “Where are the 55+ customers relocating from?,” 46% of the builders reported that the majority of their 55+ customers are relocating from different communities in the same state, 44% reported they are moving

20%

30%

40%

50%

within the same community, 19% reported they are moving from different regions with colder climates, and 18% reported the majority of their 55+ customers are moving from different states in the same region (see Figure 15). Thirty-two percent and 30% of builders in the South and West regions, respectively, report that the majority of their customers are moving from different regions with colder climates.

Figure 15: 55+ Customers Relocating From: Different Community in the Same State

46%

Same Community

44%

Different Region with Colder Climates

19%

Different State in the Same Region Other 0%

18%

7% 10%

20%

30%

55+ Housing: Builders, Buyers, AND Beyond

40%

50%

23

Builder Survey Less Maintenance and More Family Motivate Movers Builders were asked to indicate their 55+ customers’ motivations for relocating. Sixtythree percent of builders reported a desire for a maintenance-free lifestyle from their customers, 46% a desire to move closer to children/family, 32% a desire for lower living costs, 24% a desire to change neighborhoods, 20% a desire for increased personal security, 18% a desire to move to a warmer climate, 17% a desire to move closer to amenities and local activities, and 14% to move farther away from crowded cities. Also, 13% indicated “other” reasons as their 55+ customers’ motivation for relocating (see Figure 16). Builders Changing Features and Amenities Included in Home Builders were asked to indicate the features and amenities (among 36 listed features and amenities) included in the homes they built for 55+ communities during 2008 and planned

to include in 2009. The features and amenities which builders included in their 2008 homes are generally the same features and amenities they plan to include in their 2009 homes (see Figure 17). Eight of the features and amenities that received a low percentage of inclusion in 2008 received a higher percentage of inclusion in 2002. There was a decline in the number of builders who included higher electrical outlets, with 20% including this feature in 2008 compared to 36% in 2002. Fewer builders installed non-slip floors, with the number dropping from 18% in 2008 from 30% in 2002. Large medicine cabinets and lower electrical switches were each included by 16% of the builders in 2008, while 28% and 32%, respectively, of builders included these in 2002. Around 13% of builders included elevators in 2008, down from 24% of builders in 2002. Lower kitchen cabinets and emergency call buttons were each included by 9% of builders in 2008, and 19% and 25% of builders in 2002, respectively. Only 6% of builders

Figure 16: Motivation for Relocating Desire for MaintenanceFree Lifestyle

63% 46%

Move Closer to Children/Family 32%

Lower Living Costs Desire to Change Neighborhood

24%

Desire for Increased Personal Security

20% 18%

Move to a Warmer Climate Move to Be Closer to Amenities and Local Activities Move to Be Farther Away from Crowded Cities

17% 14%

Other 0%

24

13% 10%

20%

30%

40%

50%

60%

70%

included round vanities in the bathroom in 2008, while 27% of builders included this feature in 2002. However, other features, including those incorporating universal design, remained popular. More than 80% of builders included an attached garage (83%), a garage door opener (83%), and lever-handle/door knobs (80%). Between 70% and 80% of builders included wider doors, a full bathroom on the entry level, and wider hallways (77%, 75%, and 72%, respectively) in homes they built in the 55+ communities. Between 60% and 70% of builders included storage space (69%), a front or back porch (69%), bigger bathrooms (68%), a washer and dryer in the home/unit (67%), an eating counter in the kitchen (66%), a separate shower and bathtub (65%), a private patio (64%), an

easily usable climate control (62%), kitchen cabinets with roll-out trays and lazy Susans (61%), windows that open easily (60%), and higher toilets (60%) in homes built in 55+ communities. Between 50% and 60% of builders included extra lighting (59%), a master bedroom on the first floor in a two-story home (57%), and a central island in the kitchen (51%) in homes built in 55+ communities. The following seven features were included by fewer than 50% of the builders in 2008: no steps at the entrance (49%), grab bars in the bathroom (47%), smaller lots (43%), compartmentalized toilets (38%), a sunroom (34%), showers without doors (31%), seating in the bathroom (24%), and a wood-burning fireplace (12%).

Figure 17: Top 5 and Bottom 5 Features and Amenities Included in Homes Built in 55+ Communities TOP 5 FEATURES Garage Door Opener

WoodBurning Fireplace

83% 74% 83%

Attached Garage

74% 80%

Lever-Handle/ Door Knobs

76% 77%

Wider Doors (21-in. Clearance)

72%

40%

60% 2008

12% 9%

Kitchen Cabinets Little Lower

9%

Round Vanities in the Bathroom Other

70% 20%

12%

Emergency Call Button

75%

Full Bath on Entry Level 0%

BOTTOM 5 FEATURES

80%

12%

15% 6% 9% 8% 10%

0% 10% 20% 30% Planned 2009

55+ Housing: Builders, Buyers, AND Beyond

25

Builder Survey Location Features and Amenities in 55+ Communities Builders were asked to indicate the features and amenities relating to the location which they included or considered when building 55+ communities during 2008 and 2009 (see Figure 18). More than 50% of the builders considered the proximity of the 55+ community to a shopping center (70%), walking/jogging trails (58%), a hospital/doctor’s office (55%), and a church (53%).

More of the builders considered the following amenities/features in 2002 than in 2008: social activities (61% in 2002 to 38% in 2008), an exercise room (59% in 2002 to 35% in 2008), the proximity to a library (53% in 2002 to 27% in 2008), a meeting room (63% in 2002 to 26% in 2008), and accessibility to public transportation (47% in 2002 to 22% in 2008). More builders in 2008 considered the proximity to a convenience store/grocery store and drug store than in 2002 (40% in 2008, compared to 15% in

Figure 18: Location Features and Amenities in 55+ Communities 70% 69%

Proximity to Shopping Center 58% 58% 55% 58%

Walking/Jogging Trails Proximity to Hospital/Doctor's Office

53% 53% 48% 49% 43% 47%

Proximity to Church Restaurants Recreation Center/Community Center/Club House

40% 44% 38% 40%

Convenience Store/Grocery Store Social Activities

35% 39%

Exercise Room

34% 37%

Drug Store

32% 31% 27% 30% 26% 31%

Golf Course Proximity to Library Bike Trails

26% 32%

Meeting Room

22% 24%

Accessible Public Transportation Other

11% 11%

0% 10% 20% 30% 40% 50% 60% 70% 80% 2008

26

Planned 2009

2002; and 34% in 2008, compared to 10% in 2002, respectively). The builders also considered whether the following amenities were close to the 55+ communities: restaurants (48%), the presence of a recreation center/community center/club house (43%), a golf course (32%), and bike trails (26%). Services Included in 55+ Communities Built During 2008 and Planned to Include in 2009 Builders were asked to indicate which of 13 listed services they included when building

55+ communities during 2008, and planned to include in 2009 (see Figure 19). Seventy-two percent of the builders included outdoor maintenance service in the 55+ community they built in 2008, and 45% included an exterior home maintenance in a 55+ community they built in 2008.

Figure 19: Services Included in 55+ Communities Built During 2008 and Planned to Include in 2009 Outdoor Maintenance Service (Grounds)

72% 75%

Exterior Home Maintenance

45% 50% 26% 30%

Social Activities

19% 21%

Minor Home Repair Service Major Home Repair Service Transportation Service Laundry Service

13% 15% 9% 12% 5% 6%

Partial Housekeeping

5% 7%

Complete Housekeeping

5% 5%

Van Services

4% 5%

Home-Delivered Meals

4% 5%

Personal Care Service

3% 6%

On-Site Health Care

2% 5%

Other 0%

9% 8% 10%

20% 2008

30%

40%

50%

60%

70%

80%

Planned 2009

55+ Housing: Builders, Buyers, AND Beyond

27

Builder Survey There was a notable decline in many services included by builders in 2008 compared to those who included services in 2002. Fifty-eight percent of builders in 2002 included social activities in the 55+ community they built, while only 26% did in 2008. Thirty percent of builders in 2002 included transportation services in the 55+ community they built, while only 9% did in 2008. One-quarter of builders in 2002 included van services in the 55+ community they built, while only 4% did in 2008.

High-Speed Internet Rated Top Builder Home Amenity Builders were asked to indicate which among 10 features listed they included when building 55+ communities during 2008, and planned to include in 2009. In all, 68% of builders included high-speed Internet access in the homes built for 55+ communities in 2008, 67% of builders included structured wiring, 57% included a home security system, 36% included strategically placed streetlights, 33% sidewalks on both sides of the street, 23% automated gates and 15% guarded gates, 14% an intercom entrance phone, 8% a security patrol, and 6% a video entrance in the 55+ communities they built in 2008.

In 2002, 17% of builders included laundry services in the 55+ community they built, while only 5% did in 2008. In 2002, 16% of builders included on-site health care in the 55+ community they built, while only 2% did in 2008. In 2002, 13% of builders included home-delivered meals in the 55+ community they built, while only 4% did in 2008.

Same Old (One) Story Builders responding to the survey indicated that 62% of the single-family homes built for 55+ buyers in 2008 were one story, while 38% were two stories or more. Almost three-quarters of builders in the West region indicated that the single-family homes they built were one story (74%), compared to 41% in the Northeast.

Twelve percent of builders in 2002 included partial housekeeping in the 55+ community they built, while only 5% did in 2008. In 2002, 11% of builders included personal care service in the 55+ community they built, while only 3% did in 2008. In 2008, 19% of builders included a minor home repair service, 13% included a major home repair service, and 5% included complete housekeeping.

Figure 20: Regular Sales Incentives Offered to Promote 55+ Housing Developments During 2008 41%

Price Discounts Free Upgrade Package (e.g., Premium Carpeting, Upgraded Appliances) Free Option Package (e.g., 3rd Bathroom)

35% 22%

Prepaid Homeowner Fee (e.g., One Year)

13% 3%

Discounts on Outside Services Trips

1%

Other

7% 41%

None of the Above 0%

28

10%

20%

30%

40%

50%

Customers Buying in 55+ Communities Resistant to Accessibility Features An overwhelming majority (95%) of builders reported that at least some of the customers buying in 55+ communities are resistant to accessibility features (design features that allow individuals to create a living environment that is barrier-free where all can move freely, independently, and safely) in the homes they built, and 5% reported that most are resistant. Regular Sales Incentives/Premiums Offered to Promote 55+ Housing Development During 2008 Builders were asked what type of regular sales incentives/premiums they used to promote their 55+ housing developments during 2008. In all, 41% of the builders responding to the survey in 2008 said they did not use any incentives, while 66% of builders responding to the survey in 2002 did not use any. In 2008, 41% used price discounts, 35% used free upgrade packages, 22% used a free option package, 13% used a prepaid homeowner fee, and 11% used other types of incentives (see Figure 20). 55+ Homebuyers Up Their Down Payment, but Less Use Cash Builders were asked to describe the buying preference of 55+ homebuyers. Builders in 2008

reported that 60% of 55+ homebuyers had a down payment of 30% or more, while builders in 2002 reported only 4% had a down payment of 30% or more. In 2002, 60% of builders reported that buyers paid cash, while only 23% of builders in 2008 described their buyers’ down payments this way. In 2008, 16% of builders indicated that 55+ buyers had a moderate down payment (between 10% and 30%), and only 1% had a down payment of 10% or less (see Figure 21). Most 55+ Buying Homes at About the Same or Less Value Than Their Previous Home Nearly half of builders (46%) reported that 55+ homebuyers are buying homes in their communities that are about the same value as their previous home, 31% reported buyers are buying homes that are less than the value of their previous home, and 23% of builders reported that buyers are buying homes that are more than the value of their previous home. Experience and Recommendations Count When Selecting Their Lenders Builders were asked their opinion on how the majority of the 55+ buyers select their lenders. More builders in 2008 than in 2002 believed their buyers used a lender with whom they had previous experience (51% in 2008 from 31% in 2002). About one-quarter of the builders in 2008

Figure 21: Down Payment Preferences of 55+ Homebuyers High Down Payment (30% or More)

60%

Low Down Payment (10% or Less)

1%

Moderate Down Payment Pay Cash

(Between 10% and 30%)

23%

55+ Housing: Builders, Buyers, AND Beyond

16%

29

Builder Survey (26%) believed their 55+ buyers used a lender recommended by the builder, while in 2002, 47% of builders believed this. In 2008, 18% of builders thought their 55+ buyers used a lender recommended by their realtor, while only 8% of builders did in 2002. Only 1% of builders in 2008 felt their customers found their lender on the Internet, down from 4% of builders in 2002. Equity from Current Home Is Primary Source of 55+ Buyers’ Down Payment Builders were asked what they think the primary source of the 55+ buyers’ down payment/purchase was in 2008. A majority of builders thought the down payment came from the equity from the buyers’ current home (69%), 28% thought it came from investments, only 1% thought it came from inheritance, and 2% thought the primary source of the 55+ buyers’ down payment came from another source (see Figure 22). Tighter Mortgage Lending Standards Affected Sales of New Homes During 2008 but Higher Energy Costs Did Not Builders were asked to rate the impact of higher energy costs and tighter mortgage lending standards on the sales of new homes during the three months prior to the survey. According to almost half (49%) of the builders, higher

energy costs had no effect on the sales of their new homes; 27% reported some decline in sales, 8% reported a substantial decline, another 8% reported a substantial increase, and 7% reported some increase. Because of tighter mortgage lending standards, about a third (34%) of builders reported that the sales of their new homes substantially declined, 27% reported some decline, 21% reported no change, 6% reported some increase, and 11% reported a substantial increase. Some/Most 55+ Buyers Willing to Pay Extra for Technology Options and Upgrades Seventy percent of builders reported that some of their 55+ buyers were willing to pay extra for technology options and upgrades, 26% reported most of their 55+ buyers were willing to pay extra, and only 4% reported that none of their 55+ buyers would pay extra. Thirty-eight percent of builders in the West region reported that most of their 55+ buyers were willing to pay extra for technology options and upgrades, while only 18% of builders in the Northeast region reported this. Some Homebuilders Changing Plans for the Future Because of Substantial Increase in Energy Costs More than half (55%) of builders reported that the substantial increase in energy costs has had

Figure 22: Primary Source of 55+ Buyers’ Down Payment

Investments

28%

Equity From Current Home

69% Inheritance

1%

Other

2% 30

no effect on their companys’ home building plans for the future; however, others are concerned. Twenty-seven percent are building smaller homes out in the suburbs, 18% are building smaller homes closer to the city, 13% are building high-density homes close to the city, 12% are building high-density homes out in the suburbs, 8% are building town homes close to the city, 6% are building homes near public transportation, 4% are building more homes in the city, and only 2% are building larger homes closer to the city (see Figure 23). The substantial increase in energy costs has impacted various regions of the country’s home building plans differently. For instance, 21% of builders in the South are building small homes closer to the city because of the substantial increase in energy costs, while only 6% of builders in the Northeast are doing this. Around 9% of builders in the West are building more homes in the city, while only 2% of builders in the Midwest are doing this.

Most builders (94%) indicated that buyers want homes that are more energy-efficient, and 55% indicated that buyers want homes that are EnergyStar®-rated. A quarter (25%) of builders indicated that buyers want homes that use more recycled materials and less materials overall. Buyers’ Willingness to Pay Extra for Green Amenities Varies Most builders (69%) indicated that some of their buyers are willing to pay extra for green amenities, and 9% indicated that most were. The remaining 22% of builders indicated that none of their buyers were willing to pay extra for green amenities. In response to the question “How much extra are they willing to pay (as a percentage of the sales price)?,” 43% of builders indicated that buyers were willing to pay 2% extra for green amenities, 32% indicated 5% extra, 8% indicated 10% extra, and the remaining 18% of builders did not specify the amount.

Buyers Want Energy-Efficient Homes Builders were asked what green amenities their homebuyers wanted in the homes they built.

Figure 23: Changing Home Building Plans for the Future Because of Substantial Increase in Energy Costs Building Smaller Homes Out in the Suburbs

27%

Building Smaller Homes Closer to the City

18%

Building High-Density Homes (Smaller Lots) Close to City Building High-Density Homes (Smaller Lots) Out in the Suburbs

13% 12%

Building Town Homes Close to the City Building Homes Near Public Transportation Building More Homes in the City Building Larger Homes Closer to the City

8% 6% 4% 2%

No Change in Plans 0%

55% 10%

20% 30% 40%

55+ Housing: Builders, Buyers, AND Beyond

50% 60%

31

Consumer/Builder Gap Analysis housing they are building. Differences in response of 10% or less were considered equivalent for both groups. Differences of more than 10% were considered significant, and indicate areas where consumer preferences and builder activity were not aligned.

The connection between what consumers prefer and what is built is a critical one, particularly for builders who have significant financial investment and obligations. While the decision and timing to move into a new home is discretionary for the consumer, that process can have a significant impact on the builder, especially if a builder is “out of sync” with consumer preferences, and vice versa. The information in this section compares the responses of consumers regarding their preferences, and of builders regarding the

Type of 55+ Housing Built by Builders and Type Preferred by 55+ Households About 69% of the builders building 55+ communities responding to the survey reported that they built single-family detached homes during 2008 and 29% said that they built singlefamily attached homes. About one-quarter of the builders reported building multi-family for sale or multi-family for rent homes (19% and 7%, respectively). Among 55+ households responding to the survey, two-thirds (66%) are currently living in single-family detached homes, 6% in singlefamily attached, and 20% in a multi-family unit. More than half (53%) would prefer to buy a single-family detached home, 13% would prefer to buy a single-family attached, and only 3% a multi-family unit (see Table 4).

Table 4: Type of 55+ Housing Built by Builders and Type Preferred by 55+ Households Consumers

Builders

32

Current Home

Like to Buy

%

%

%

Single-Family Detached

69

66

53

Single-Family Attached

29

6

13

Multi-Family–For Sale

19

Multi-Family–For Rent

7

20

3

Other

9

8

32

Table 5: Locations for Building 55+ Communities and Where 55+ Households Prefer to Live Builders of 55+ Communities*

55+ Household Preferences

%

%

Close-In Suburbs

46

32

Outer Suburbs

30

31

Rural Areas

21

28

Central City

11

9

*Sum equals >100% due to multiple locations for some builders.

Table 6: Two Story versus One Story Builders

Consumers

%

%

One Story

63

79

Two Stories or More

38

15

N/A

7

Split-Level

Location In response to the question, “Where did your company build 55+ communities during 2008?,” 46% reported building in close-in suburbs and another 30% in outer suburbs. Another 21% reported building in rural areas and 11% in central cities. When 55+ households were asked, “In what type of area would you prefer to buy a home?,” about one-third preferred closein suburbs (32%), another one-third preferred outlying suburbs (31%), and 28% preferred rural areas. The remaining 9% of the 55+ households preferred central cities (see Table 5).

of the households 55+ preferred single-story homes and only 15% preferred two stories or more. The remaining 7% prefer split-level homes (see Table 6).

Two Story versus One Story Builders involved in building communities for 55+ buyers reported that 63% of their singlefamily homes started were one story and 38% were two stories or more. Seventy-nine percent 55+ Housing: Builders, Buyers, AND Beyond

33

Consumer/Builder Gap Analysis 45% of the 55+ households rated wider doors and wider hallways to be Somewhat to Very Important features.

Standard Home Features and Amenities Builders were asked to indicate among 36 listed features and amenities the ones included in the homes they built for 55+ communities during 2008. Also, 55+ households were asked to rate the importance of these features and amenities in allowing them to remain in their current homes after retirement. About 80% or more of the builders included attached garages, garage door openers, and lever-handle/door knobs in the homes they built for 55+ buyers. Attached garages and garage door openers were rated as Somewhat to Very Important by 65% and 73% of 55+ households, respectively. Only 30% of 55+ households rated lever-handle/door knobs as Somewhat to Very Important. Wider doors, a full bath on the entry level, and wider hallways were included by 77%, 75%, and 72% of the builders, respectively, in new homes built for 55+ communities. More than 60% of the 55+ households responding rated a full bath on the entry level to be a Somewhat to Very Important feature; however, only 48% and

34

Eleven features and amenities were included by builders building 55+ communities during 2008: storage space, front or back porch, bigger bathrooms, washer and dryer in the home/unit, eating counter in the kitchen, separate shower and bathtub, private patio, easily usable climate control (thermostat), kitchen cabinets with rollout trays and lazy Susans, windows that can open easily, and higher toilets. Among these, four features were rated Somewhat to Very Important by 70% or more of the 55+ households: storage space (84%), washer and dryer in the home/ unit (90%), easily usable climate control (73%), and windows that can easily open (81%). Higher toilets were included by 60% of builders in 55+ communities, but 41% of households rated it Somewhat to Very Important. Fifty-seven percent of the builders in 55+ communities built master bedrooms on the first floor in a two-story home, but 71% of the 55+ households rated it as Somewhat to Very Important. Only 18% of the builders included nonslip floors in the homes they built in 55+ communities during 2008. Meanwhile, 52% of 55+ households preferred it. Large medicine cabinets were included in the homes built for 55+ communities by only 16% of the builders, but 33% of the 55+ households preferred this feature. Wood-burning fireplaces, lower kitchen cabinets, and an emergency call button were included in homes built in 55+ communities during 2008 by 12%, 9%, and 9% of the builders, respectively, but were preferred by 26%, 31%, and 28% of the 55+ households (see Table 7).

Table 7: Home Features and Amenities Builder Activity

Consumers Rated Very and Somewhat Important

Gap: Higher Consumer Preference (C)/ Builder Activity (B)

%

%

%

Attached Garage

83

65

B

Garage Door Opener

83

73

–

Lever-Handle/Door Knobs

80

30

B

Wider Doors (32-in. Clearance)

77

48

B

Full Bath on Entry Level

75

61

B

Wider Hallways

72

45

B

Storage Space

69

84

C

Front or Back Porch

69

66

–

Bigger Bathrooms

68

64

–

Washer and Dryer in Home/Unit

67

90

C

Eating Counter in Kitchen

66

41

B

Separate Shower and Bathtub

65

48

B

Private Patio

64

67

–

Easily Usable Climate Control (Thermostat)

62

73

C

Kitchen Cabinets with Roll-Out Trays and Lazy Susans

61

57

–

Windows That Can Open Easily

60

81

C

Higher Toilets

60

41

B

Extra Lighting

59

56

–

Master Bedroom on 1st Floor in Two-Story Home

57

71

C

Central Island in Kitchen

51

42

–

No Steps at Entrance

49

46

–

Grab Bars in Bathroom

47

54

–

Smaller Lot (Less Than 9,000 sq. ft.)

43

20

B

Compartmentalized Toilet

38

13

B

Sunroom

34

28

–

Shower without Doors

31

23

–

Seating in Bathroom

24

22

–

Electrical Outlets Higher

20

25

–

Non-Slip Floors

18

52

C

Large Medicine Cabinet

16

33

C

Electrical Switches Lower

16

15

–

Elevator

13

10

–

Wood-Burning Fireplace

12

26

C

Kitchen Cabinets a Little Lower

9

31

C

Emergency Call Button

9

28

C

Round Vanities in the Bathroom

6

12

–

Other

8

31

C

– indicates a non-significant difference. 55+ Housing: Builders, Buyers, AND Beyond

35

Consumer/Builder Gap Analysis A review of the gap between builders providing these amenities and features, and consumer preferences for them reveals some interesting contrasts. Builders seem to be doing a very good job of including more design features associated with the advantages of universal design recommendations (i.e., lever-handle/ door knobs, wider doors and hallways, separate showers and baths), but consumer preferences don’t reflect an equal appreciation of these features. Consumers also have some clear preferences for features such as non-slip floors, larger medicine cabinets, lower kitchen cabinets, and emergency call buttons, which many builders see as less important.

Standard Location and Community Amenities Builders were asked to indicate the location and community amenities (11 features listed) which they included or considered when building 55+ communities during 2008. Likewise, 55+ households were asked to rate the importance of these amenities. Seventy-percent of the builders building 55+ communities considered the 55+ community’s proximity to a shopping center, while 57% of the 55+ households rated it as Somewhat to Very Important. A third of builders (34%) have a drug store in the 55+ communities they built, but 49% of 55+ households preferred to have one.

Table 8: Location and Community Amenities

Builder Activity

Consumers Rated Very and Somewhat Important

Gap: Higher Consumer Preference (C)/ Builder Activity (B)

%

%

%

Proximity to Shopping Center

70

57

B

Walking/Jogging Trails

58

31

B

Proximity to Hospital/Doctor’s Office

55

55

–

Proximity to Church

53

35

B

Restaurants

48

N/A

–

Recreation Center/Community Center/ Club House

43

22

B

Convenience Store/Grocery Store

40

33

–

Social Activities

38

N/A

–

Exercise Room

35

27

–

Drug Store

34

49

C

Golf Course

32

8

B

Proximity to Library

27

31

–

Bike Trails

26

12

B

Meeting Room

26

N/A

–

Accessible Public Transportation

22

34

C

Other

11

33

C

– indicates a non-significant difference.

36

Table 9: Services Included in 55+ Communities During 2008 and 55+ Household Preferences Consumers: 55+ Households Builder Activity

Gap: Higher Consumer Preference (C)/ Builder Activity (B)

Currently Have It

Would Like to Have It

%

%

%

%

Outdoor Maintenance Service (Grounds)

72

44

52

B

Exterior Home Maintenance

45

29

50

–

Social Activities

26

30

36

–

Minor Home Repair Service

19

27

47

C

Major Home Repair Service

13

21

47

C

Transportation Service

9

17

38

C

Laundry Service

5

19

32

C

Partial Housekeeping

5

15

48

C

Complete Housekeeping

5

11

42

C

Van Service

4

11

36

C

Home-Delivered Meals

4

8

35

C

Personal Care Service

3

9

35

C

On-Site Health Care

2

7

40

C

Other

9

27

21

C

– indicates a non-significant difference.

The 55+ community’s proximity to a hospital/ doctor’s office and proximity to a church was considered by 55% and 53% of builders building 55+ communities, and 55% and 35% of the 55+ households rated it as Somewhat to Very Important. The 55+ community’s accessibility to public transportation was considered by 22% of the builders building 55+ communities, but 34% of the 55+ households preferred to have it (see Table 8). Services Included in 55+ Communities During 2008 and 55+ Household Preferences About three-quarters (72%) of the builders built 55+ communities which provide outdoor maintenance service, but only 52% of the 55+

households would like to have that service. Fewer than half of the builders (45%) who built 55+ communities provide exterior home maintenance, and half of the 55+ households would like to have it (see Table 9). During 2008, 26% of the 55+ communities provide social activities, but 36% of 55+ households would like to have it. Around 19% and 13% of the builders build 55+ communities which offer minor home repair service and major home repair service, respectively; however, 47% of 55+ households prefer to have both service. Few builders built 55+ communities which offer laundry service (5%), partial housekeeping (5%), complete housekeeping (5%), van service (4%),

55+ Housing: Builders, Buyers, AND Beyond

37

Consumer/Builder Gap Analysis Advanced Features Included by Builders in 55+ Communities and Services 55+ Households Would Prefer to Have Sixty-eight percent of builders included high-speed Internet access in the homes they built in 55+ communities, while 83% of the 55+ households rated it Somewhat to Very Important. Structured wiring (Cat 5) was included in the home by 67% of the builders in 55+ communities, and 53% of the 55+ households prefer to have it.

home-delivered meals (4%), and personal care service (3%), but 35% to 48% of the 55+ households would prefer to have these services.

Home security systems are included in the home by 57% of the builders building in 55+ communities, and 55% of 55+ households prefer to have it. Intercom entrance phones are included in the home by only 14% of builders building in 55+ communities, and 23% of the 55+ households would prefer to have it (see Table 10).

Table 10: Features Included by Builders in 55+ Communities and Services 55+ Households Would Prefer to Have Builder Activity

Consumers Rated Very and Somewhat Important

Gap: Higher Consumer Preference (C)/ Builder Activity (B)

%

%

%

High-Speed Internet Access

68

83

C

Structured Wiring (Cat 5)

67

53

B

Home Security System

57

55

–

Strategically Placed Streetlights

36

N/A

–

Sidewalks on Both Sides of Street

33

N/A

–

Automated Gates

23

22

–

Guarded Gates

15

N/A

–

Intercom Entrance Phone

14

23

–

Security Patrol

8

33

C

Video Entrance Phone

6

19

C

Other

4

N/A

–

– indicates a non-significant difference.

38

Conclusion A comparison of consumer responses about their preferences and builder responses about what they are providing reveals a mixed bag of commonalities and differences. For some items, the results show a vast difference between what builders are including in new homes for the 55+ population and what consumers would prefer to have. One important contributing factor to consider in this difference is the fact that the majority of the respondents to the consumer survey are not living in new homes built for the 55+ population, and so they may not be as aware as the builder regarding newer building and design standards that have become more commonplace in active adult housing design and construction in recent years. Additionally, consumer preference surveys often reveal preferences that are not acted upon once the consumer learns the cost or trade-offs for that particular item. The ultimate purchase is often the result of a long list of preferences

balanced against available income and weighing alternatives within the list. Yet, on some no-frills items such as preference for a front or back porch, no-step accessibility at entrance, and a private patio, the percentage of builders building with these features for the 55+ market is roughly similar to the percentage of consumers who say that they already have these features. Another aspect to note is that many features and amenities currently being included in new homes by most builders consistently received ratings of high importance from the consumer survey, with more than two-thirds of the respondents in most cases finding most of these features and amenities to be Very Important or Somewhat Important.

55+ Housing: Builders, Buyers, AND Beyond

39

Conclusion Consumers also demonstrate considerable interest in home services, which homebuilders may be reluctant to provide directly, and community/location amenities, which community developers often include but which also might be available in the surrounding locale rather than as an included amenity.

For example, 68% of the builders include a larger bathroom in their home design and 64% of the consumers rate it as Somewhat to Very Important. In contrast, some 80% of the homes built by 55+ builders include lever-handle door knobs, but only 30% of the consumers rate it as Somewhat to Very Important. Conversely, non-slip floors are included by only 18% of the builders, but more than half (52%) of the consumers rate it as Somewhat to Very Important. In general, it is clear that consumers could benefit from additional education and awareness regarding the advantages to the safety, comfort, and easier accessibility of features and amenities that builders are including in their homes with their knowledge of universal design features that will contribute to an enhanced 55+ lifestyle. Builders can maintain and improve their competitiveness in the market by incorporating more consumer preferences in their design and building. 40

It is clear that on many major considerations, both builders and buyers are working from the same preference blueprint. Yet specific areas of home and community amenities, preferences, and current 55+ construction/ design practices remain to be aligned more closely. As comparisons to the 2002 survey reveal, the Boomers will continue to shape the demands builders will face from the marketplace, and both builders and consumers will evolve as new standards for livability, energy-efficiency, technology, and environmental sensibility emerge.

Methodology The survey questionnaire to builders was mailed electronically in February 2009 to 3,000 NAHB builder members involved in building 55+ housing. The findings are based on 254 responses received from builders whose products included age-restricted/active adult housing and independent living housing segments during 2008 and who plan to build more during 2009. Many of these housing units are geared to 55+ buyers but not restricted to this age group. The Consumer Preferences Survey of 55+ Households was conducted in February 2009 by NAHB’s Economics and Housing Policy Group and the MetLife Mature Market Institute. The objective of this survey was to find out what features, amenities, and services 55+ households would like in their homes and communities and how they value them. The consumer survey also was distributed electronically to heads of households ages 55 years or older. The survey questionnaire was sent electronically to 55+ heads of household by an Ohio-based research company, TNS. The findings are based on the responses from 1,522 such households. All the questions have been analyzed by tenure (own versus rent), division of the country (New England, Middle Atlantic, East North Central, West North Central, South Atlantic, East South Central, West South Central, Mountain, and Pacific), household income (under $30,000, $30,000 to $49,999, $50,000 to $74,999, $75,000 to $99,999, $100,000 to $149,999 and $150,000+), and age (55 to 64, 65 to 74, 75+). Both surveys asked a wide range of questions; some of the questions were similar on both

surveys and others were different. The builder survey asked about features, amenities, and services in the homes and communities builders built during 2008. In the consumer survey, consumers were asked to rate different features, amenities, and services. It is important to note that the NAHB survey asks builders to indicate what features, amenities, and services they are including in the new units built in 2008 or plan to build in 2009, whereas the consumer survey asked consumers if they would like to have these features, amenities, and services in their homes and communities. Those responding to the consumer survey were not necessarily living in homes built for the 55+ population. The consumer survey also asked consumers to rate the importance of these features, amenities, and services in their homes and communities, and, in some cases, the monetary value of these to the consumer. The Gap Analysis includes a comparison of results from both surveys on the comparable questions to identify areas where consumer preferences and builder activity were significantly different.

55+ Housing: Builders, Buyers, AND Beyond

41

Photo credits for select pages of 55+ Housing: Builders, Buyers, and Beyond Survey: Page 5: Eskaton National Demonstration Home in Roseville, CA (Gold winner in the 2009 NAHB Best of 50+ Housing Awards); courtesy NAHB 50+ Housing Council. Page 32: Sun City courtesy of NAHB 50+ Housing Council. Page 33: Brookhaven courtesy of NAHB 50+ Housing Council. Page 41: Eskaton National Demonstration Home in Roseville, CA (Gold winner in the 2009 NAHB Best of 50+ Housing Awards); courtesy NAHB 50+ Housing Council. Photo credits for front cover of Builder Survey Chart Book: Upper left photo of Sun City courtesy of NAHB 50+ Housing Council. Lower right photo at the Eskaton National Demonstration Home in Roseville, CA (Gold winner in the 2009 NAHB Best of 50+ Housing Awards); courtesy NAHB 50+ Housing Council. Photo credits for front cover of Consumer Survey Chart Book: Upper right photo of Traditions courtesy of NAHB 50+ Housing Council.

42

For access to the Builder Survey Chart Book and Consumer Survey Chart Book, as well as all MetLife Mature Market Institute publications, please visit www.MatureMarketInstitute.com.

55+ Housing: Builders, Buyers, AND Beyond

43

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