Industry News

Boomers carry special demands, rewards for builders

Builders' trade group highlights homes for older adults

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About 6 percent of new housing units in 2003 were built specifically for older adults, and baby boomers are likely to fuel the demand for age-specific housing for years to come, according to home-building experts. David Seiders, chief economist for the National Association of Home Builders trade group, said about 3.2 percent of all housing starts in 2003 were built in 55-and-over age-restricted communities, while about 2.7 percent of all U.S. housing starts that year were designed and marketed to buyers in that same age group. About 42,326 of the age-restricted units, or 75 percent, were single-family units, while the remainder were multifamily units, Seiders also reported. He spoke during a conference call Tuesday titled, "The Baby Boomer Housing Market: How the Aging of America will Affect the Economy and the Future of Home Design." Norman Cohen, chairman for the National Association of Home Builder's "50+ Housing Council," a group focusing on the housing needs of older adults, also...