Housing Giants - May 9, 2008 - (Page 22)

areas. Successful builders will have to study market segments more carefully and tailor their offerings to specific groups more finely than they have in the past. TARGETING AGING BOOMERS As baby boomers age, most will want to remain in their homes for as long as possible. Many are about to purchase their last home, says Steve Melman, director of economic services for the National Association of Home Builders. “Many are going to say ‘as long as we are buying a new home, we might as well get exactly what we need,’” Melman says. Boomers will be looking for more amenities in a smaller footprint. One attractive feature will be a spacious master bedroom suite. As boomers age, they may have a grandchild or third-party caregiver move in to aid them when their health declines, Melman says. A large master bedroom suite would allow space for medical equipment and allow aging boomers to have private bathrooms. Universal design principles will attract them; wider doorways for easier wheelchair access and handicappedaccessible bathrooms and kitchens are likely to become more common. Many boomers will also want guest bedrooms to accommodate visiting children and grandchildren. Boomers have always bucked the trends and norms of previous generations, and this trait is bound to affect the housing industry. “Most people agree that boomers will try to be different,” Myers says. “We just don’t know in which ways. They are not all going to congregate around golf course communities. Some retirement communities could be entirely focused on nature or shopping. Boomers will not be homogeneous. There are enough of them to drive many different trends.” REACHING GENERATIONS X AND Y With a plethora of baby boomer homes going on the market, generations X and Y are likely to purchase more existing homes and fewer new homes than the Half-backs might hold a key to builders’ success. Who are they? Steven Kleber explains. 22 HOUSING GIANTS.5.9.08 WWW.HOUSINGGIANTS.COM http://www.nahb.org http://www.housingzone.com/article/CA6435840.html http://WWW.HOUSINGGIANTS.COM

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Housing Giants - May 9, 2008 Contents Viewpoint News and Moves Tech M & A The New Housing Demographics

Housing Giants - May 9, 2008

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