27 May 55+ Communities Are Opening Their Doors To Younger Generations
As the housing market became more volatile many builders and developers were forced to change their models. This included product design and target market.
A recent USAToday.com article talks about the changes many builders in the 55+ market had to consider during the housing crash. One of these changes was the acceptance of younger residents into the once restricted 55+ communities. The article refers to it as bringing down the walls on age.
Retiring baby boomers were hit the hardest by the recession. As the article puts it, they were hit hard two times. Once when their homes lost a majority of their value preventing them from turning them into cash and when their portfolios took the big hit. This double dose of financial strain has changed the 55+ market beyond allowing younger generations into certain communities. Builders now have to design a product with all of this in mind.
I wonder if we will see this model implemented on a larger scale. Homebuilders are utilizing floor plans that are built for multi-generational families. Does it make sense to model an entire community this way? Families enjoy close proximity with family members and that’s one reason that multi-generational floor plans are popular right now. It will be interesting to see what kid of community designs we will see in the future.