Baby Boomers and Generation X Agree: Bigger is Better and City Life is Overrated
April 17 2019 - 8:00AM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190417005109/en/
Julia Ostlund414-635-2725julia@reputationpartners.comMacey
Kessler404-978-6414Macey.Kessler@PulteGroup.com
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