Housing Giants - April 24, 2008 - (Page 26)

There are multiple ways builders design for aging populations. Listen to hear how they do it. they are ready to purchase their first home. “Younger generations face an affordability barrier created by the recent housing price boom,” Myers says. The affordability burden on young buyers and potentially the continuation of more stringent mortgage options after the subprime meltdown could exacerbate home price declines. “Once past the tipping point, market adjustments will cascade in virtually every community, as the ratio of seniors to working-age adults will increase for the greater part of two decades,” Myers says. “If prices fall, we also expect home builders to scale back on construction, reducing the growth in supply,” Myers says. “The question is whether these adjustments will be sufficient to cushion the baby boomer sell-off.” WOMEN’S INCREASING HOME BUYING POWER While in many ways women embraced the gains of the Feminist Movement decades ago, in the home buying market, the full force of equality will likely be felt over the next two decades. With greater career opportunities, more education, a shrinking wage gap and higher divorce 26 HOUSING GIANTS.4.24.08 rates than in their grandparents’ generation, adult women — particularly Generation Xers and Yers — over the next couple of decades will have the opportunity to be unmarried homeowners in larger numbers than ever before. Though many women will be home buyers following a divorce, a sizable number will buy homes and settle into their lives before finding a husband, according to James Chung, president of Reach Advisors, a marketing strategy and research firm based in New York. Some will choose to be single mothers without a partner. This generation of single women is savvy about investments and realestate, Chung says, and is not afraid to take on the responsibilities of home ownership while single. Kleber & Associates, an Atlanta-based marketing and communications firm, has researched the attitudes of well-educated women home decision-makers, both married and unmarried. The firm calls these women the chief purchasing officer, or CPO, of the home. The research shows that any lingering preconceptions about women as being naïve about major purchasing decisions are outdated. WWW.HOUSINGGIANTS.COM http://www.reachadvisors.com/ http://www.kleberandassociates.com/ http://www.history.com/minisites/womenhist/ http://WWW.HOUSINGGIANTS.COM

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Housing Giants - April 24, 2008 Contents Viewpoint News and Moves Sell Workforce Housing The New Housing Demographics

Housing Giants - April 24, 2008

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