Builders Zero-in On Baby Boomers
According to the National Association of Home Builders, the fastest-growing segment of America's housing market is composed of buyers 50-plus years of age. Not surprisingly, this group includes baby boomers, empty nesters, pre-retirees and other categories of older buyers. The Arizona Republic article also reports that buyers 55-plus bought nearly one out of every five new U.S. homes (1.1 million) in 2003.
During the post-World War II baby boom, between 1946 and 1964, nearly 76 million people were born in the United States. It was this group that helped define spending trends and consumer marketing through key phases of their lives.
Arizona home builders are eagerly seeking new ways to tap into boomer buying power, as they create different brands to appeal to the diverse range between the youngest and oldest boomers. Said Jacque Petroulakis, public affairs director for Pulte Homes and Del Webb Communities:
"These people are not retired, but their children have left home and they now want to take full advantage of a resort-style lifestyle. They are beginning their 'someday' stage even before they retire."
Important factors attracting boomers and other buyers are affordable prices, climate, jobs and recreation options:
"There are many reasons Phoenix has such a great housing market," said Steve Hilton, co-chairman of Meritage Homes. "The area's affordability is one. Lifestyle is another one. Both are drawing many new residents and home buyers, including both young families and baby boomers."
Ralph Spargo, general manager of Standard Pacific Homes in Irvine, CA, put it quite simply:
"The baby boomer (home buyer) is really going to be something special in the next few years."
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