The aging Baby Boomer was clearly on the mind of Home Builders this year as
they gathered in Dallas for their annual convention, with a couple of
companies introducing inexpensive, pre-fab homes that will make it easier
than ever for the 55+ year old to enjoy a second, or even third home in the
exotic locations of his or her choice.
One home introduced by Owens Corning, the American Cottage Thinking System
Home, had a 500-square-foot footprint and could be easily "installed" as a
permanent home at a beach, beside a golf course or even in a mountainous
setting. Depending on amenities, the price tag could range from $50,000 to
$70,000, excluding land.
Another home, introduced by Champion Enterprises, also is factory built and
assembled onsite. Prices for the "Target 2000 Developer Series" will range
from $49,000 to $99,000, excluding land. The plans range from a 1,246 square
foot model to a 2,624 square foot home.
Installation, says Champion, would cost about $40.30 per square foot in the
Dallas market, compared to about $80 per square foot for a similar site-built
home in Dallas.
Both Champion and Owens Corning, and other companies as well, are moving to
capitalize on what they feel will be a housing boom among young retiree in
the coming years. Second and even third vacation homes will become increasing
popular.
"We are bringing big ideas in home building to a smaller stage," said Lynne
Hartzell, director of marketing for Owens Corning's North America Building
Materials. "This home delivers the high standards of construction and
performance buyers expect in a luxury home, but on a scale that is ideal for
baby boomers who want one or more vacation and retirement getaways."
Added Champion CEO Walter Young Jr., "We focused on the top three factors
influencing home selection for consumers age 43 to 53 -- price, floor plan
and quality. The result is affordable alternatives to on-site construction
for consumers -- homes with all the qualities of a conventionally built house
with the efficiencies of a factory-built one."
As baby boomers enter their 50s, builders are expecting them to take
advantage of their lofty economic status by retiring early and purchasing
second homes.
According to the National Association of Home Builders, there were nearly 2.5
million vacation homes in the United States in 1997, including more than
400,000 timeshares. The typical owner is 55 years old and spends an average
of 20 nights a year in their vacation home.
Also See:
Baby Boomers are Moving to Empty Nesters
When Is It Time To Sell ? The Empty-Nester Dilemma.
Boomers Edging Back To Urban Areas
Published: January 18, 2000
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