Empty Nesters Lead the Way toward New Housing Trends

So – the kids are gone, you’ve got some newfound freedom and you’re thinking about moving. You’ve long been known as a baby boomer, but these days you’re also known as an empty nester. And at this stage, as throughout your trend-making lives, you and your peers are making lifestyle changes that are rippling throughout American society.

Not surprisingly, as the number of empty nesters booms – 40 percent of households will be led by someone 55 or older by 2012, according to the National Association of Home Builders -- builders are developing neighborhoods at virtually every price point with empty nesters in mind. Although specifics vary, some basic trends are emerging:

One-level living. Stairs and aging joints aren’t exactly a match made in heaven, so home geared toward empty nesters are either built on one level or keep the master bedroom and all the primary living areas on the main level.

Reduced exterior maintenance. Many developers are luring empty nesters by including yard maintenance – even with single-family homes -- and using building materials that require little to no maintenance.

Turn-key lifestyles. Active empty nesters like to travel – they have grandchildren to spoil and dream vacations to enjoy – and want to be able to turn the key and leave without worrying about security or maintenance.

Down-sizing doesn’t mean skimping on amenities. Empty nesters who give up square footage still want open floor plans, gourmet kitchens and large master suites.

Condominiums combine many of those attributes, and are expected to become increasingly popular choices for empty nesters of varying income levels. But other kinds of neighborhoods that suit empty-nesters’ needs are emerging as well.

Higher-income empty nesters – people between 50 and 60 years old with annual household incomes of $100,000 or more – are driving many of the emerging housing trends, according to a survey conducted by DYG Inc. for Hanley Wood publishers, which covers the housing building industry. The survey report called them “Boomfluentials.”

About half of the Boomfluentials surveyed said they wanted to change their lifestyle and downsize when they retired. Close to 40 percent said they wanted to live in a better climate. Only one in five wanted to stay in their current home when they retired.

The survey highlighted additional empty-nester housing trends to watch:

• The market for single-family detached homes will weaken as more empty nesters move into multifamily housing. That includes patio homes as well as condominiums and co-ops.
• Semi-detached homes like duplexes, row houses and townhouses also will become more popular because they meet empty-nesters’ desires for less space and reduced maintenance.
• Rural communities are likely to become increasingly popular for retiring empty nesters, especially in areas with warmer climates.

A February 2006 report by the National Association of Home Builders also found a strong preference for outdoor living among empty nesters, even if they weren’t in places like Arizona or Florida. Empty nesters are looking for covered balconies, porches with ceiling fans and courtyards with fireplaces so they can enjoy leisure time outdoors, according to the report.

Definitely trends worth following, whether your kids are home or having children of their own.