MONTHLY MARKET UPDATE — Q1 2008

AGING-IN-PLACE CONSTRUCTION

“90% of people 50+ prefer to stay in their current homes as they age" 

According to the NAHB, one of the fastest-growing segments of the residential remodeling industry is what is known as “aging-in-place” construction. US Demographic trends suggest that citizens, as they age, would prefer to have their homes adapted to their living needs instead of relocating - and specific certifications and training for builders is even offered by the NAHB to help meet the unique needs of this growing sector.

“Their [55+ population] success in living at home depends on having a suitable environment that makes it easy and comfortable for them to carry out their daily activities and come and go conveniently”

Some of the common types of “Aging-in-Place” construction include:

• Bathroom remodeling to accommodate special handicaps or ease of movement

• Addition of ramps, railings or expansion of door jams to accommodate wheelchairs

• Special needs alarm systems and appliance installation

• Low maintenance landscape design

• Economical energy savers such as solar panels

According to NAHB studies, in 2005 there were 67 million active adults ages 55 and older living in the U.S. However, that number is forecasted to increase considerably - by 2014, there will be 85 million active adults ages 55 and older and more than 40% of all households will be headed by someone in the 55+ age group.

“This is the fastest growing area of the total housing industry and represents 30 percent of all new home or residence purchases in the total market including age-restricted communities, single family homes, multi-family condos and maintenance-free communities,” states Robert Tippets, chairman of the NAHB 50+ Housing Council.

More information on certification and training for Aging-In-Place can be found by contacting the NAHB at www.nahb.com.

Kindest,

Hadley Wood

Hadley Wood
President, SHW Insurance Services