Baby boomers: What they are looking for in a new home

According to a recent release from the National Association of Homebuilders, the 55 and older housing market is still hot, increasing one point in the second quarter of 2016, compared to the first quarter of 2016.

Fortunately, Builder magazine recently reported the results from the survey, Next Adventure Home, revealing what baby boomers seek when searching for a new home. The survey participants were either baby boomers looking to buy a home, or those who had just recently purchased a new home.

More than half (50.2 percent) are influenced by the area and location of a home, while 37.4 percent are influenced by the price and affordability. Nineteen percent said the layout influenced them, 14.2 percent said the yard size, while 12.8 percent said the design of the home. Another 12 percent are influenced by the size of the home.

Speaking of size, just how big do baby boomers want to go? The majority, 48.6 percent said between 2,000 and 2,999 square feet, followed by 20.8 percent, who said 3,000 to 3,999 square feet is their ideal size. Just 18.1 percent are seeking a home under 2,000 square feet.

The location is also important to baby boomers. Eighty-one percent prefer more space in a less-populated community as opposed to less space in a more-populated community. Nearly two-thirds (64.6 percent) said a planned community with amenities is important, according to the report.

Other important factors that baby boomers consider when purchasing a new home include the quality of construction (9 percent), a safer neighborhood (8.4 percent) and better floor plans (8.2 percent). The kitchen was hands-down the most important room, with 82.8 percent of respondents noting its’ significance, followed by the master bedroom with 59.2 percent.

Once they move, most baby boomers want to stay put, as 70.5 percent said the new home will be a permanent resident, compared to 14.2 percent who said they believe they will stay for five to 10 years, and 14.2 percent who felt it was an intermediate home.