BOOMER DEMOGRAPHICS & CULTURAL DIFFERENCES
You already know that the population age 55 and older is growing. The National Association of Homebuilders (NAHB) has put together some actual projections of that growth in its recent "Profile of the 50+ Housing Market." The Washington, D.C.-based association projects that the 55+ population will reach 85 million by 2014. By 2012, 40% of all households will be age 55 or older and the expectation is that the growth will be particularly strong in the 65-74 age bracket. The projected increase in 55+ households between 2005 and 2014 is 27%, or 11.4 million households, though the 65-74 age bracket will account for 4.5 million additional households. The publication points out that one aspect worth keeping your eye on is the racial or ethnic background of future populations. That's because cultural influences could have a significant impact on clients' housing preferences. Just one example: Seniors of Chinese ancestry may be influenced by feng shui and seek properties that are compatible with that philosophy.
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