Recent studies by the National Home Builders Association and AARP show that baby boomers are leading the push in new home construction trends, influencing how builders, designers and architects modify their floor plans to meet varied lifestyles and changing needs.
Boomers in a position to sell their existing homes prefer building a new home to take advantage of new technology and energy efficiency than trying to maintain or remodel an older home.
Today’s 77 million Baby Boomers were born between 1946 and 1964 and represent 26 percent of the total US population. Boomers make up 45 percent of the national work force and hold the largest amount of discretionary income in history. For these reasons, home builders, designers and residential architects are continuously modifying their floor plans and home designs to meet the ever-changing needs and demands of a generation that is not yet ready to head to the retirement home.
A study done by seniors advocacy group AARP shows that a large percentage of boomers plan to move when they retire. This trend was one of the major factors behind the housing boom of the previous decade. And while some boomers have been able to accumulate substantial home equity to purchase or build smaller, more affordable homes, many find themselves struggling with their current home loans.
“Boomers in a position to sell their existing homes prefer building a new home to take advantage of new technology and energy efficiency than trying to maintain or remodel an older home,” said Tammy Crosby, Chief Operating Officer of The House Designers, America’s leading house plan provider. “Baby boomers now look for house plans that are small but luxurious, and practical for their needs and lifestyles.”