Some of the newest housing communities in North Texas, be it McKinney, Arlington or Frisco, aren’t targeting millennial or first-time buyers.
Alternatively, these new residential enclaves are setting their sight on what’s called “active adults” — the polite way to describe aging baby boomers if you are in the building bidness.
Needless to say, these new age-restricted communities are responding to demographic shifts that mean more wealthier, older homebuyers are in the market to move.
A lot of these older buyers are transplants, moving to the area to be close to children and grandchildren in Dallas-Fort Worth.
According to a new study by housing analyst Meyers Research, a full quarter of baby boomers are working out to relocate to be nearer their children’s’ families, even if it’s out of state. The research firm found that other cities like Charlotte, Austin, Raleigh and Nashville are also experiencing moves by older folks who are migrating to be near their kids and grandkids.
This is happening generally because Dallas and all those other markets are attracting thousands of young workers to fill new jobs. And in many cases, mom and pop follow along.
Tim Sullivan, Meyers senior managing principal says what separates the boomer buyer from their parents’ retirement process is that the boomer is moving to, not away, from the kids.
These “active adults” have more money and experience from the sale of a previous home unlike their younger counterpart who are scraping together cash for a first home. And this is precisely why builders like Del Webb, David Weekley and Drees Custom Homes are rolling out new housing product tailored for older buyers.