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55+ Housing Shows Strength
Posted on November 16th, 2016
The
Baby Boomers may be aging, but it's nowhere near time to discount them
as a strong demographic. While millennials seem to be getting a lot of
attention (they're graduating from college and buying their first homes)
the baby boomers are retiring and looking at 55+ housing communities.
Whether it's a single-family home or a multi-family condo, they're
showing up in droves, looking to buy.
“Builders and developers for the 55+ housing sector tell us that business is solid right now and they expect that trend to continue through the rest of the year,” said Jim Chapman, chairman of NAHB's 55+ Housing Industry Council.
NAHB shows that the Housing
Market Index (HMI) for 55+ homes is up two points to 59 since the
previous quarter, and this is the 10th consecutive quarter with an HMI
above 50.
This is yet another indicator that the
industry as a whole is moving upward in the recovery. At this point, the
only thing threatening to slow things down is the labor shortage. With
such a large, young, educated workforce in Utah, we encourage them to
seek a career in construction!
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