Meet the next generation of active adults with
huge buying power, increased savings and foresight into the
future
Sitting between their millennial children and baby boomer
parents, Generation X appears to be hitting their stride as they
take on a new milestone: their 50s. No matter what you used to call
them – the forgotten generation, the sandwich generation or the
generation defined by grunge and rap music – Gen Xers are looking
ahead to their next stage of life. According to a recent survey by
Del Webb, America’s leading builder of active adult communities,
Gen Xers who are celebrating their 50th birthday are looking
forward to retirement. Until they get there, they are enjoying
their careers, building larger nest eggs and even getting ready for
their next big move, which may require enough room for their boomer
parents.
“It is hard to believe that start of the Gen X demographic is
turning 55 and are closer in age to retirement than to when they
were first introduced to grunge,” said Jay Mason, vice president of
market intelligence for PulteGroup, the nation’s third largest
homebuilder and owner of the Del Webb brand. “While smaller than
other generations, Gen Xers deserve plenty of attention as they
build larger nest eggs and assert their burgeoning buying power
during the prime of their careers, while planning for their next
stage of life.”
Seventy two percent of surveyed 50-year-olds say they are
looking forward to retirement, despite it still being several years
away. While one could expect that working adults at this age are
simply “counting down” until retirement, 85 percent of those
surveyed report that they actually like their jobs.
“Today, about a quarter of Del Webb residents are still working
in some capacity, and we expect this number to increase as Gen Xers
contemplate their next move,” said Mason. “To meet the needs of 55
and older homebuyers wanting to work in retirement, we now offer
more communities closer to large metropolitan areas and employment
hubs, but with all of the lifestyle and amenity offerings of a
traditional large-scale, destination active adult community.”
In addition to liking their jobs, today’s 50-year-olds are
saving more of their earnings. In a comparable Del Webb survey
conducted a decade ago, over 50 percent of respondents had less
than $50,000 saved for retirement. This cohort has dropped to only
35 percent, with more respondents indicating much higher levels of
savings:
- 21 percent have saved between $50,000
and $99,000
- 18 percent have saved between $100,000
and $249,000
- 14 percent have saved between $250,000
and $499,000
- 12 percent have saved over
$500,000
Even the financial crisis of 2009 is largely viewed by this
generation as a blip from the past. Only 17 percent of respondents
felt as though the financial crisis had a meaningful impact on
their retirement plans, while 70 percent still expect to be
homeowners in retirement.
Living Large
Thanks in part to greater financial stability, 60 percent of
surveyed 50-year-olds indicated they intend to move in the future,
with over a quarter saying they plan to move in the next one to
three years. Of those who intend to move, 58 percent are planning
to make a significant life change by moving to a new city, state or
country (with 22 percent planning to stay in the same town and 20
percent who just don’t know).
As previously reported, when they do move, space will be a
priority, with the clear majority (71 percent) preferring a
single-family home along with three or more bedrooms (67 percent).
This may, in part, be because nearly 30 percent of those in the
sandwich generation anticipate their next home will need to
accommodate aging parents.
Given their growing nest eggs and large buying power, it is no
surprise that more than half (56 percent) of respondents believe
they are equally or more financially secure than their parents were
at this age. The increased financial awareness and preparedness of
today’s 50-year-olds compared to 10 years ago, has nearly 80
percent of respondents believing they are enjoying life the same as
or more than their parents did at their age.
“While Gen Xers never seemed to care much for labels, the
slacker image sometimes attributed to their youth certainly does
not apply,” said Mason. “This generation is increasingly
financially prepared for the future and is actively engaging in
what’s ahead, including the prospect of making a big move that may
include mom and dad.”
The trend towards multiple generations living under one roof has
persisted for nearly a decade and does not appear to be changing
anytime soon. Multi-generational design trends, such as dual master
bedrooms, separate apartments – known as “in-law” suites –
open-access floorplans and flexible room designs that allow for
change in the future are among the many customizable options
available when you build a new home designed for your particular
lifestyle.
In response to these buyer trends and increasing demand, Del
Webb has expanded its market presence over the past decade by
offering more communities across more markets. Typically ranging in
size from 500 to 1,000 homes, these communities provide an array of
signature lifestyle amenities and activities to support body, mind
and spirit. Del Webb continues to pursue its plans to add 10 new
communities in areas ranging from Massachusetts, New Jersey and
Florida to North Carolina, Minnesota and Nevada.
About the Survey
This survey was conducted in January 2019 by MKM Partners
Quantitative Survey Group, on behalf of PulteGroup, targeting a
balanced mix of 2,003 women (52 percent) and men (48 percent)
across the U.S. and between the ages of 49-51 and 59-61 to quantify
key insights, lifestyle trends and opinions about working,
retirement, family/friends and other aspects of their lives. A
separate survey of 4,665 Del Webb residents at Del Webb communities
across the country was conducted in January 2019 internally by
PulteGroup, to assess lifestyle trends and opinions about
retirement, activities, social engagement and other aspects of
their lives.
About Del Webb
Del Webb is a national brand of PulteGroup, Inc. (NYSE: PHM).
Del Webb is the pioneer in active adult communities and America’s
leading builder of new homes targeted to pre-retirement and
retiring boomers. Del Webb builds consumer inspired homes and
communities for active adults ages 55+ who want to continue to
explore, grow and learn, socially, physically and intellectually as
they look forward to retirement. For more information on Del Webb,
visit www.delwebb.com.
About PulteGroup, Inc.
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one
of America’s largest homebuilding companies with operations in
approximately 50 markets throughout the country. Through its brand
portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta
Homes and John Wieland Homes and Neighborhoods, the company is one
of the industry’s most versatile homebuilders able to meet the
needs of multiple buyer groups and respond to changing consumer
demand. PulteGroup conducts extensive research to provide
homebuyers with innovative solutions and consumer inspired homes
and communities to make lives better.
For more information about PulteGroup, Inc. and
PulteGroup brands, go to pultegroupinc.com; www.pulte.com;
www.centex.com; www.delwebb.com; www.divosta.com www.jwhomes.com.
Follow PulteGroup, Inc. on Twitter: @PulteGroupNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20190606005044/en/
Media Contact:Julia
Ostlund414-635-2725julia@reputationpartners.com
Macey Kessler404-978-6414Macey.Kessler@PulteGroup.com
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