As Baby Boomers age, their preferences and the sheer size of the generation are having a great effect on Houston’s living situation.
Baby Boomers are generally shying away from the quintessential grand house with the huge yard that made up the American dream. Today, many would rather find a place that’s an easy, turn-key lifestyle, where your trash is picked up at your door and groceries are just a phone call away, said Jacob Sudhoff of Houston-based Sudhoff Properties, which specializes in selling and leasing inner-Loop homes.
This generation — born between the years of 1946 and 1964 — is, in general, aligned with the “empty-nester” point of view, in that they want their living situation to be less hassle and closer to the inner city to avoid a long commute, he said.
In both the rental and condo markets, Houston is seeing larger floor plans in proposed buildings that are marketing to the Baby Boomer generation.
An example of this is seen in the Belfiore high-rise, which will have the largest high-rise floor plans for purchase in Houston when completed.
And with the flood of demand for these properties, higher rents and higher absorption figures are expected in 2014 and 2015, said Jim Wallace, principal and founder of Houston-based WGW Architects Inc.
Alexandria, Va.-based Delta Associates noted at Houston-based Transwestern’s Trendlines event that the two generations, Baby Boomers and Millennials, are making their mark on Houston’s multifamily market.
The Brookings Institution released a report this week saying that Houston is a primary location for millennial relocation and less so for older adults. This, however, does not account for the seniors who currently live in the area and are relocating within the Metro.