In its recent September 29 daily observations, Cromford Reports mentioned that the 55+ communities market had seen a substantial increase in inventory, due primarily to seasonal effects. That got me thinking about some of the changes we are seeing in the 55+ market, which continues to be an important one here in the Phoenix Valley.
NAR recently named Phoenix one of the top five retirement destinations for Baby Boomers, continuing the long association with the 55+ market here in the Phoenix Valley. But just as the housing market overall is changing to reflect the needs and preferences of Millennial buyers, the 55+ market is also changing to meet the different expectations and lifestyles of baby boomers.
According to some experts a few notable differences between Boomers and past generations of retirees include:
- Baby Boomers are healthier and more active, with a longer life expectancy and diverse interests.
- Boomers are staying more connected with professional and community involvement.
- Some Baby Boomers are starting new businesses in retirement.
- They want to be near friends, families, social and cultural events.
- Many do not want to leave their homes and plan to “age in place.”
These changes affect what Baby Boomers want in a retirement community. They are seeking more centrally located communities and outdoor amenities that allow them to remain active, such as golf, walking, biking or hiking trails, in locations closer to the community at large.
Here in Phoenix, we’re seeing new developments that aim to meet these needs, including Victory at Verrado and Trilogy at Vistancia. We’ll likely see more as Baby Boomers move forward with their retirement plans and developers get a better idea of what they’re really looking for in their “Golden Years.”
As an experienced Arizona mortgage broker, our team is very familiar with the mortgage options a baby boomer has available to them. We would certainly be happy to help.