Report: 55-plus population to reach 85 million by 2014
 

ORLANDO, Fla. – Feb. 13, 2007 – A new report from the National Association of Home Builders’ (NAHB) 50+ Housing Council predicts that 40 percent of all households will be headed by someone 55 or older by 2012. The 55-plus population is expected to reach 85 million by 2014. The number of households in the 65-74 age bracket by itself will grow by 4.5 million between 2005 and 2014, an increase of more than 38 percent in only 10 years.

“Most boomer buyers don’t need to move,” says Norman Cohen, 2006 chairman of the NAHB 50+ Housing Council. “They’ll change homes when their lifestyles change – whether it’s because they’re starting a home-based business or they just want to live maintenance-free.” 

Some of the report’s findings:

• In 2005, 55-plus households accounted for 36.8 percent of all U.S. households.
• By 2014, the number of households headed by someone 65- to 74-years old will increase 38 percent.
• The average size of 55-plus households is slightly over 2 adults, a number that, not surprisingly, goes down with age, averaging 1.7 adults for homes with a head over age 75.
• More than 45 percent of households age 55 or older are married couples without children. More than 25 percent consist of one-person female households.
• Currently – and this is changing – most 55-plus households  (80 percent) are white, non-Hispanics. 

The profile, put together by NAHB Housing Policy Researcher Paul Emrath, analyzes U.S. Census Bureau data, provides demographic information and forecasts housing characteristics, mobility, neighborhood attributes and other factors that will help determine demand for 50-plus housing. The annual 55-plus estimates are generated by applying the American Housing Survey (AHS) percentages to NAHB’s forecast of housing activity for calendar year 2007.

© 2007 FLORIDA ASSOCIATION OF REALTORS®