55places.com Identifies Market Expectations for 55+ Homebuying in 2020 and Beyond
Annual survey reveals factors that are top of mind in the homebuying process
CHICAGO, Nov. 10, 2020 /PRNewswire/ -- To identify preferences when it comes to choosing a community, home, and real estate agent, 55places.com conducted its annual National Housing Survey to better understand top motivators driving 55+ homebuyers. The survey, which asked more than 2,000 participants across the U.S.––93% of whom are 55 and older––reveals interest in a variety of relocation destinations, lifestyle choices, and home amenities.
Moving Motivators Are Driven by Varying Factors*
Reasons for moving may vary but the top motivators include the desire for a 55+ community (50%), better weather (30%), and retirement (29%), followed by lower cost of living (21%), decreasing taxes (21%), and downsizing home (19%). Outside of factors driving people to move, it's evident that access to an active lifestyle is paramount. Athletic clubs (51%), health groups (49%), and travel clubs (46%), were top activities of interest, while desired community amenities include a fitness center (61%), outdoor pool (53%), and outdoor walking/running trail (45%).
Areas of Interest Expand Past the Sunshine State
46% of respondents say they are definitely moving states, and Florida (48%) and Arizona (26%) remain top selections* when asked which ones are being considered. However, states that were once seen as non-traditional retirement locations like South Carolina (27%), North Carolina (23%), Georgia (15%), and Tennessee (14%), continue to see increased interest year after year. Builders are taking notice, too, and are meeting the demand by developing more mid-sized communities in these areas.
Affordable Housing Remains Top of Mind
While renting remains a popular option, 77% of respondents indicated they are planning to purchase a home, specifically a single-family home (65%). When asked about price, participants expect the market value of their next home to be slightly less (22%) or much less (21%) than their current home. For desired home features*, single-level living was marked significant for nearly half of respondents (45%), followed by modern kitchen (28%), and garage (38%) as the top options selected.
COVID-19 Won't Affect 55+ Living Long-Term
The coronavirus pandemic disrupted many lives this year and periodically shut down much of the real estate market and country, leading communities and lifestyle directors to adjust their socially-centric environments through virtual and outdoor events. COVID-19 may impact short and long-term program planning and communal congregation, however, it won't have a permanent impact on 55+ living overall.
"Active adult communities are built around principles like belonging and wellbeing, and the coronavirus pandemic will not change that," said Bill Ness, CEO and founder of 55places.com. "While we may see people get creative with their space, like using multi-purpose rooms for an in-home office or a makeshift gym, the larger trends surrounding community desires and designs will not change."
Find more information about 55places' 2020 National Housing Survey here.
About 55places.com
55places.com is changing the way people 55 and older are searching for their perfect next place. With a national network of hand-selected real estate experts, plus comprehensive information, unbiased content, and on-the-go insight about thousands of communities across the country, 55places is a trusted resource paving the way from here to home. From low-maintenance single-level living, active lifestyle and age-qualified communities, intimate enclaves, and everything between, 55places.com empowers visitors to make their next move the best one yet.
Methodology
This survey was conducted online through SurveyMonkey within the United States by 55places.com between June 1 and June 30, 2020 among 2,118 users of 55places.com. For complete survey methodology, please contact 55places.com. *Indicates participants were able to select more than one option.
Media Contact:
Marissa Wright
773-278-5500
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SOURCE 55places.com
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