Boomers flock to area to retire
Sunday, May 11, 2008
By ANNA THIBODEAUX
For The Times htimes@bellsouth.net Older population sees Huntsville as good investment
It may come as no surprise that baby boomers have found the Huntsville area an attractive place to live, but it appears they're also finding it a good place to retire.
Boomers are a substantial segment of the area market, says John Allen, president of Southern Construction and Design in Huntsville. They're reinvesting in older subdivisions where they raised their children and contributing to the area growth.
"Our area offers a great playground for the Baby Boomers," says Jimmy Hill, associate broker and senior real estate specialist with Re/Max Madison. "From fishing, hiking, hunting, golfing, spectator sports to the arts and fine dining, we have a lot to enjoy."
Boomers also consider the area an attractive investment, Hill says. Compared to other areas of the country, the area's lower housing cost, property taxes and utility rates certainly are strong selling points. Rising real estate values (median house price was $100,000 in July 2000 compared to $175,000 today) may one of the best of them.
The Huntsville job market often provides the connection, bringing many boomers to the area, and some retirees from the military. Calling the Redstone Arsenal a "baby boomer magnet," Hill says many who worked at the arsenal, but relocated, often return and others locate here to follow children employed in the area's strong technology industry, or just to be closer to grandchildren.
While younger boomers are quick to say they're not ready for the rocking chair, Hill says older ones are retiring from the military but remaining local to branch out in the private sector. "Most of my baby boomer clients seem to look for smaller single-family houses," he says, "that are relatively close to shopping, facilities that support their interest or hobbies, medical facilities and places of worship."
When they shop for houses, Hill says, boomers are more conscious of future needs. Often, they want houses built on a slab foundation, handicap-designed kitchens and bathrooms (or designed for an easy conversion) and wider doorways. Closets or storage space is important to them. Men want workshops or space for a hobby. Women want niches or built-in shelving to display collectibles.
Boomers also are drawn to the area's warmer climate. In the winter months, Hill says calls come from people in northern states who are tired of harsh, cold weather.
Allen says they're shopping for smaller houses with all the bells and whistles.
"They want light automation, in-house audio and video, media rooms, heated floors, in-house vacuums, and outdoor living," he says. "They want the new and current products that are usually placed in houses that are typically in a much larger home than the smaller home they are wanting. "
If they opt to "age in place" by remodeling their house, Allen says popular options include updating and upgrading bathrooms, kitchens, adding a master bedroom downstairs and enjoying more outdoor living. Boomers are making their homes more energy efficient and updating interiors.
They are focusing more on the concept of "universal design" which lets them adapt the house to their physical needs so they can live there as long as possible. Allen says it is projected that by 2012 the national expenditure on existing housing will overtake new construction expenditure for the first time ever.
Allen hasn't observed a concerted push to cater to boomers in new construction, but he says "aging in place" features shouldn't be overlooked by builders and developers. And it does pose a challenge for some boomers, who still bristle about the topic of aging.
The patio home and townhouse continue to be active markets for this customer. They want floor plans that are accessible with universal design features, including low rise thresholds, easy entry baths and showers, wider doorways and task-specific lighting.
They're even contributing to the "green" or environmentally friendly market.
Allen adds, "They appreciate the opportunities that green building yield the consumer in energy and resource efficiency in a residence. They know that green building is an investment up front and does cost some additional percentage of money, but the payout over the long term is acceptable for that investment."
Dawn White Pumpelly with Cottage Senior Living, which has nine assisted living communities in the region, says she's observed many boomers caring for an aging parent. They tend to shop for a house with a mother-in-law suite or separate apartment for a parent or parents. When this arrangement changes, they then seek out locations closer to health care, assisted living or retirement communities to stay close to their parents.
"We have seen a tremendous demand for housing for the more independent folks, like boomers," she says. "This generation has been the most successful and prosperous in our history. They know what they want and demand excellence. They question the status quo."
Once boomers settle in, who will be the next market?
Both Allen and White Pumpelly agree it's going to be Generation X, the children of boomers who she says are more cautious than their parents yet value family and closeness. Allen says they'll inherit some of their boomer parents' wealth and likely keep the market booming.
