Baby Boomers Are Not Ready For A Slow Down

Home builders are designing retirement communities and homes with new amenities and features to cater to the growing baby boomer population.

Builders long ago discarded the notion that retirement buyers wanted nothing more than a game of shuffleboard or golf followed by an afternoon nap. These days, retirement communities have fitness centers, nature trails and cyber-cafes. "we talk about it now as a place where you start your second life. It's not about slowing down," said Drew Smith, with Shea Homes Trilogy retirement division.

And the market for retirees is staggering! There are 76 million baby boomers born in the U.S. from 1946 to 1964. The older baby boomer turns 60 this year, and the youngest ones are just 41.

The National Association of Home Builders says the fastest growing part of the housing market is the 50-plus segment of buyers that includes boomers, empty-nesters, pre-retirees and other categories of older buyers. People age 55 or older bought nearly a fifth of the 1.1 million new homes sold in the country in 2003.

Baby boomers have an estimated $2 TRILLION in spending power, and home builders are taking notice. "Many of them have paid off their homes, but with appreciation, they have the opportunity to buy a new home with cash and have money to spare," said Jacque Petroulakis with Pulte Homes retirement division. More...