One of todays hottest real estate trends are “multigenerational communities”. So what does this term mean, and how does it affect consumer demand?
This trend is part of a nationwide shift to the reuniting of extended families. Since 1990, this number has increased approximately 60%. Currently there are almost six million such households in the U.S.
The boomer generation is more health conscious than previous demographic groups such as the “silent generation.” Today’s boomer’s life expectancy and quality of life has greatly improved. Personal wellness is starting to become a lifestyle trend as more people seek relaxation and escape from the pressures of daily life.
Current boomer trends are indicating retirement at a much later age. Staying active and connected with others via more intimate village amenity centers or other meeting locations such as cafes and entertainment venues seem to be gaining more importance versus clubhouse and golf course neighborhoods.
So what type of product are they looking for? Smaller, more practical floorplans with rooms more in line with nature, allowing a richer environment to connect with friends and family members. For instance, a multigenerational floorplan could include two master bedrooms and a room dedicated to office or workspace.
Their influence on housing choices has been profound and will have a huge impact on trends in housing for the mature market as that ages gradually approaches the age of retirement.
Is green building important? Absolutely! Focus groups of boomers and Gen-X homeowners indicate how recycled materials and energy conservation are growing in popularity, and in many cases a deciding factor in where consumers buy their homes.