THE BABY BOOMER GENERATION BOOST NEW HOME SALES
The baby boomer generation is boosting new home sales across the country with Southwest Florida becoming the largest market for new homes. This generation has the Purchase Power as they have had decades to build their credit histories and wealth. They have been educated to buy NEW. Homes are built better today, are more energy efficient and builders realize that they have to deliver a quality product to demanding buyers. Baby Boomers will pay for upgrades and lot premiums which are the bread and butter for builders. John Burns, a housing consultant in Irvine, California said “It’s really going to happen all over the country.” According to Bloomberg News, sales of new single family homes are projected to increase by 16% in 2015 while housing starts will increase by 15%.
National builders are targeting this generation by appealing to wealthier buyers and active adult markets and warmer markets. Top destinations have affordable homes, lower taxes and a welcoming business environment according to NAR. In addition to Southwest Florida, Albuquerque, NM; Boise, ID; Denver, CO; Phoenix, AZ; Greenville, SC; Raleigh, NC; and New Braunfels and San Antonio, TX area are experiencing the boom.