Industry News

Boomers see greater appeal in single-family homes

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Single-family homes have the most appeal for aging baby boomers, according to a survey released today. Twenty-one percent of 50-plus consumers responding to the survey were considering a move in the next five years, and of those planning to move, 63 percent said they are looking to purchase a single-family home, while 18 percent would purchase a condo or townhouse. Two percent said they would choose an adult community, according to the survey conducted by ERA Real Estate. ERA's phone survey included more than 1,000 men and women aged 50 years and older. More than half of those surveyed, 55 percent, cited retirement as one of the reasons for buying a new home. Other motivating factors identified include a desire to downsize, lower taxes, proximity to friends and family, a change of climate and affordability. Predictably, 42 percent of seniors over 65 years of age factored health concerns into their decision to move. A surprising 15 percent of senior men and women actually said that th...