| Home builders are currently facing a rapidly emerging | | | | HOA's will often maintain a homeowner's yard, roof, |
| demographic that has forced the housing industry to | | | | and home exterior, while also providing for utilities, |
| begin shifting away from traditional forms of real | | | | security and common areas that can include pools, |
| estate development into methods that cater | | | | clubhouses, golf courses, tennis courts, walking trails |
| specifically to the needs of seniors. According to the | | | | and community activities. |
| United States Census Bureau, 100 million U.S. citizens, | | | | Other developments address many seniors' desire to |
| or a third of the country's population, will be 50 years | | | | live near people with similar interests at a comparable |
| or older by the year 2010. Many of these seniors and | | | | stage in life by limiting homeownership to those over |
| retiring Baby Boomers are now starting to transition | | | | a certain age. These retirement communities also |
| from larger homes in which they have resided for | | | | often offer a neighborhood grocery store, a |
| years into more manageable accommodations. | | | | pharmacy, restaurants, and more community |
| Consequently, real estate developers are currently | | | | involvement and activities that can help with the |
| scrambling to provide housing that meets the need | | | | eventual transition to assisted-living facilities. Seniors |
| of the Baby Boomer generation. | | | | have become increasingly attracted to communities |
| Home builders are not only adjusting due to the | | | | that offer the convenience, mobility, amenities and |
| massive size of the senior population on the horizon, | | | | freedom to maintain rich and active lifestyles as |
| but also because of the significant purchasing power | | | | opposed to the institutional and more sterile |
| of this blossoming demographic. The younger | | | | environments provided by the more traditional |
| generations that the housing industry has focused its | | | | models of senior housing facilities. |
| efforts on in recent years have been relatively poor | | | | In terms of home features, a recent survey |
| in saving their earnings and liberal with financing their | | | | conducted by the Internet Home Alliance Research |
| homes. Conversely, seniors generally maintain strict | | | | Council revealed that 63% of seniors have home |
| personal finance principals whereby wages are saved | | | | offices in their new homes, while an amazing 70% |
| and any debt is paid down as quickly as possible. | | | | have broadband internet access at home. The days |
| Therefore, while many younger homeowners are | | | | of studio apartment-style senior living are on the |
| using the bulk of their earnings to pay heavily | | | | wane as the vast majority of our aging population is |
| leveraged home mortgages, many Baby Boomers are | | | | looking to the increased square footage offered in |
| preparing to utilize their savings and the equity in their | | | | homes with at least two bedrooms and full-sized |
| current homes to purchase the residences in which | | | | kitchens. These findings clearly evidence the desire of |
| they plan to retire. | | | | seniors to maintain their connection with the world |
| The housing industry is also embracing a shift away | | | | and further prolong their preferred lifestyles. |
| from the traditional assisted-living facilities into | | | | It is clear that seniors and Baby Boomers are |
| communities that offer seniors more independence | | | | expecting longer lives and better health and mobility |
| and freedom. Boomers are frequently relocating into | | | | than previous generations. As a result, the housing |
| planned-unit developments (PUDs) and gated | | | | industry will need to continue to adapt in order to |
| communities where regular dues are paid to a | | | | provide these very important segments of the |
| governing Homeowner's Association (HOA) that | | | | population with housing that will foster the |
| provides for many of the amenities that they require. | | | | environments and lifestyles these groups require. |