Baby Boomers and Generation X Agree: Bigger is Better and City Life is Overrated

Date : 04/17/2019 @ 1:00PM
Source : Business Wire
Stock : Pultegrp., Inc. (PHM)
Quote : 33.23  -0.21 (-0.63%) @ 12:59AM

Baby Boomers and Generation X Agree: Bigger is Better and City Life is Overrated

Pulte Homes (NYSE:PHM)
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A recent survey by Del Webb, America’s leading builder of active adult communities, of men and women aged 50 and 60 finds that younger baby boomers and older Generation X are not planning to downsize with their next move. According to the survey, of the 57 percent of respondents who say they plan to move in the future, 65 percent prefer their next home to be either the same size (43 percent) or larger (22 percent) than their current home.

The expectation of needing more space in their next home can also be seen in the clear majority (71 percent) of respondents planning to move who prefer a single-family home and those indicating they want three or more bedrooms (63 percent). For Gen Xers, more space is not so much a luxury, but a necessity, as 29 percent of the 50-year olds surveyed said they would design their next home to accommodate their aging parents.

“Rather than staying put, today’s 50- and 60-year olds are thinking ahead to their next big move,” said Jay Mason, vice president of market intelligence for PulteGroup, the nation’s third largest homebuilder and owner of the Del Webb brand. “While millennials seem to make the headlines, there are over 140 million Generation X and baby boomers in the United States, many with the means, confidence and desire to stay active in the housing market.”

Contrary to other forecasts, those surveyed are not seeking urban locations. Rather, an overwhelming percentage of those surveyed who plan to make a move want to stay away from the city, with 87 percent preferring a suburban or rural setting for their next home. When asked for their preference, 60 percent noted they wanted their next home to be a “quiet, tranquil place where they can slow down and get some peace.”

“There has been an increased focus on where people want to move as they near retirement and if city living would become the preferred choice,” said Mason. “Data from our most recent survey clearly indicates that true urban living appeals to only a limited number of future retirees and that regardless of generation, both Gen Xers and baby boomers nearing retirement are looking for a different quality of life when considering their next move.”

BACK TO TRADITION?

Inside the home, the majority of respondents still prefer open floor plans, but some shifts toward a more traditional layout may be brewing. For example, 34 percent of respondents said they prefer more defined space to open concepts, and 60 percent of Gen Xers and 48 percent of baby boomers say they still want a dedicated dining room in their next home.

“To maintain our position as the industry leader in developing communities for active adults age 55 and older, we have been surveying this demographic for more than 20 years,” said Mason. “This is our first survey directly comparing responses of younger boomers and the front of the upcoming Gen X generation, and its results reveal a number of similarities between these two demographics.”

In response to changing buyer trends, Del Webb has expanded its market presence over the past decade by offering more communities across more markets. Typically ranging in size from 500 to 1,000 homes, these communities provide an array of signature lifestyle amenities and activities to support body, mind and spirit. Del Webb recently announced plans for 10 new communities in areas ranging from Massachusetts, New Jersey and Florida to North Carolina, Minnesota and Nevada.

About the Survey

This survey was conducted in January 2019 by MKM Partners Quantitative Survey Group, on behalf of PulteGroup, targeting a balanced mix of 2,003 women (52%) and men (48%) across the U.S. and between the ages of 49-51 and 59-61 to quantify key insights, lifestyle trends and opinions about working, retirement, family/friends and other aspects of their lives.

About Del Webb

Del Webb is a national brand of PulteGroup, Inc. (NYSE: PHM). Del Webb is the pioneer in active adult communities and America’s leading builder of new homes targeted to pre-retirement and retiring boomers. Del Webb builds consumer inspired homes and communities for active adults ages 55+ who want to continue to explore, grow and learn, socially, physically and intellectually as they look forward to retirement. For more information on Del Webb, visit www.delwebb.com.

About PulteGroup, Inc.

PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in approximately 50 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide homebuyers with innovative solutions and consumer inspired homes and communities to make lives better.

For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroupinc.com; www.pulte.com; www.centex.com; www.delwebb.com; www.divosta.com www.jwhomes.com. Follow PulteGroup, Inc. on Twitter: @PulteGroupNews.

Julia Ostlund414-635-2725julia@reputationpartners.comMacey Kessler404-978-6414Macey.Kessler@PulteGroup.com

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