Page 21 - BB_Sept_2018

is really urban with lots of action and walkability financial necessity: the population at ages once
to everything. Instead, the majority would like a considered retirement-ready wants the stay active
suburban area with an urban feel: a and engaged.
home in the suburbs, but surrounded Among those 55+ households we
by shopping, entertainment and lots Among those 55+ surveyed, 41% said that at least one
of activities. households person was still working full time,
It’s a concept we call “surban™” including 22% of households in which
— bringing the best of urban we surveyed, 41% both spouses were working full time.
conveniences to a traditionally said that at least The results vary by age, obviously, with
suburban environment. a much higher share of households in
In our survey, 55+ consumers one person was their mid-to-late 50s (73%) working than
responded more positively to the still working full those in their 70s (approximately 7-10%).
surban concept than did the under-55 Employment status certainly has
households. the main distinction is, time, including an impact on housing choices. Our
of course, life stage/family status. For 22% of survey shows notable differences
younger households with children, the between those active adults who are
surban concept is less practical: they households truly retired and those empty-nester
need space, bigger yards and more in which both consumers who are still working—
bedrooms. even for the same age cohort. These
spouses were
But we found that 55% of older differences may seem obvious, but
households preferred the surban working full time. now they are quantifiable. Here are
concept—a very similar rate to young a few examples:
singles and young couples without Age-restricted communities:
kids. The surban lifestyle is not appealing just to For 55+ households with no retirees, moving to an
particular age groups, but is more directly tied to age-restricted (55+) community appeals to just 20%
family composition. of shoppers. 55% of that group says they would
This very scenario seems to be playing out in prefer to live in a community with no age restrictions.
real life. Developers of surban-like communities However, there are a couple things that change the
who thought they were going to attract a majority preference for age-qualified communities:
of younger buyers were surprised to see a greater Age itself. Preference for age-restricted
number of older buyers than they originally communities runs at 25% or lower until shoppers
expected. reach the age of 65+, when the preference jumps to
It makes sense: the older buyers have the net 33%. so as boomers are working longer and retiring
worth—driven by the equity in their current home later, they’re not thinking about the age-qualified,
—to purchase these homes that are likely more lifestyle communities until later.
expensive (on a per square-foot basis) than a Actual retirement. Similarly, the act of retirement
traditional suburban home, but still less expensive affects consideration for age-restricted communities.
than homes in truly urban/downtown areas. For households with at least one retiree, the

As the trend of urban-like living in the suburbs desirability for age-restricted jumps to 33%, while
continues to rise, look to the older households to the preference for a no-restrictions community
comprise a notable share of this growth. drops to 42%. Once a couple enters the retirement
phase of life, their options for moving really open
Working Longer / Retiring Later
up, since they no longer have a commute and are
Labor force participation rates for the older no longer tethered to a location by their job. And, of
population are at the highest levels in decades. course, their time commitments change. Retirement
Given longer life expectancies, many older brings more free time and lends itself to shoppers
households are working longer because they have wanting to be in a community with others more like
a longer retirement to finance. But it is not just about themselves.

SEPTEMBER 2018 | GREATER SAN ANTONIO BUILDERS ASSOCIATION 21