When Billy and Erin Shipley were raising four children, they had space for their family to grow. His two-story, five-bedroom house in Sugar Land, Texas, had a large garden and pool. However, as the children grew up and moved out, the second floor became empty and the maintenance of the lawn and pool became a burden.
Like many members of Gen They chose a three-bedroom, one-story home in Bridgeland, a planned community about 55 miles away. “I didn’t think of it as temporary training,” Mrs Shipley, 46, said. “We could live here forever.”
Shipley, 54, added that this single story was a tie. “It’s nice not having to go up the stairs afterwards,” he said.
Generation X is typically defined as people born between 1965 and 1980. Its oldest member is just a few years away from retirement, but they’re already starting to think about where they’ll live in his 70s, 80s and even his 90s.
The desire to grow old in one’s own home, rather than living with family or moving into a nursing home, is common to many generations.According to the study, in 2021, 88 percent of seniors, defined as those aged 65 and older, lived at home. report Graduated from Harvard University Joint Housing Research Center.
“The overall demand is to maintain quality of life as we age,” said Joanna Frank, CEO and president of the Active Design Center, the nonprofit that developed the program. Masu. fit well Standards used by architects, designers, and developers to promote health in the home and workplace.
But home builders say they’re starting to see growing demand among Gen Xers for homes they can live with as they age.
“We’re at the top,” said David O’Reilly, chief executive of Howard Hughes Holdings, which builds planned communities such as Bridgeland in Texas. Many Gen Xers still have children at home, but they will soon be homebound, he said. “That’s usually the tipping point,” he added.
Those who can afford it are willing to pay for additional space in case they need to care for other family members, such as grandchildren, adult children, or aging parents. And in many cases, it already is. New developments are seeking access to health and wellness amenities such as hiking trails and tennis courts, choosing home amenities such as showers instead of bathtubs, and seeking modern equipment to help them as they age. I am.
“They have more market power than younger buyers,” says Jennifer Molinsky, director of the Aging Social Housing Program at Harvard University’s Joint Housing Research Center. “They have a lot of wealth and are ready to make a change.”
With a median income of $126,900, Gen Xers are still accumulating wealth, according to a report released Wednesday. National Association of Realtors, or NAR, an industry association. “They’re at the peak of their earning potential right now,” said Jessica Lautz, the group’s deputy chief economist and vice president of research.
They also have significant home equity.According to his 2023 homeownership rate for Gen Report from Redfina real estate services company.
Another factor that has led Gen Xers to consider buying a retirement home sooner is the tight housing market. The housing market remained in deep freeze for most of 2023 as high interest rates forced many buyers and sellers to the sidelines. According to the newspaper, house prices rose 6% in January compared to the same month last year. Case-Shiller Home Price Indexand many potential buyers are worried that prices will continue to rise and hinder their ability to purchase a home later.
“If they are buying a home with tight markets and remote working in mind, I think more Gen Ta. At Moody’s Analytics.
It’s not necessarily a trade down in terms of space or quality, he added. In fact, some people may be considering replacing their home, especially if they’re buying a home that will be their final home. “‘This is not a five-year home, this is a 30-year home,’ he said.
Many members of Generation X find themselves in the sandwich generation or supporting children (and some adults) and parents at the same time. To accommodate long-term care, some homebuyers choose three- and four-bedroom homes that can accommodate multigenerational households.
“It’s a stubborn trend. NAR economist Dr. Lautz said the study found that 19 percent of Gen We are taking care of them and it seems like young adults are boomeranging back into the home.”
Now that their children are grown and moved away, the Shipley family from Texas only has to care for their Labradoodle, Clyde, but the three bedrooms mean they can accommodate the family if needed. means. “I want my kids to have a place to sleep when they come home and visit,” Shipley said, adding that he and his wife’s parents are in their 70s and have to live together someday. He added that he has secured a room in case he doesn’t. .
GL Homes, a Sunrise, Fla., developer with more than a dozen planned communities in the state, has noticed a shift in demand, said Misha Ezratti, the company’s president.
“People are moving into their forever homes a little earlier,” he says. “You might think we’ll scale back, but we’ll still need space post-pandemic.”
GL Homes responded by designing floor plans that cater to Gen Xers, including Melissa Radin, a career coach in Livingston, New Jersey, who owns multiple rental properties in Florida. Recently, she learned that her real estate investment had doubled in value and she and her husband Michael decided to buy a retirement home now.
“I wasn’t planning on buying a house so soon, but I knew I would have to pay more, so I jumped at it,” said Radin, 57. She acquired a three-bedroom home in a community developed by GL Homes.Located in Port St. Lucie, Florida
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“I requested custom drawers because I didn’t want to bend over to open the cabinets,” Radin said. She wanted a shower in her master bathroom, but she made concessions for her young family. “I’m going to have grandchildren, so I need a bathtub at home,” she said.
Some of the customizations include installing sensors in floorboards to determine if someone has fallen and send an alert for help, according to Ms. Frank of the Active Design Center. It also includes the incorporation of assistive technology. “Developers are recognizing that this generation is health-conscious and much more tech-savvy,” she said.
Frank C. Parker III, a certified financial planner with Wells Fargo Advisors in Cincinnati, said he and his wife, Micah, sought state-of-the-art equipment for their Boca Raton, Fla., nursing home to help with regulations. Ta. Lights, music and security alarms.
“We wanted a smart home that we could control from our phones, apps and walls,” said Parker, 49.
The Florida lifestyle was also appealing, he added. “We’re tennis players,” he said. “We like the beach, the ocean, and the pool.”
Some people say they want to stay healthy even as they approach retirement. Shipley said he and his wife like to stay healthy, and Bridgeland has amenities within walking distance, including pools, biking trails and fitness classes.
GL Homes has added even more amenities for active adults, including cold plunge tubs and pickleball courts.
“I never expected fitness to become this big,” Ezratti said.
