Meet the next generation of active adults with huge buying power,
increased savings and foresight into the future
ATLANTA–(BUSINESS WIRE)–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.
Contacts
Media Contact:
Julia Ostlund
414-635-2725
[email protected]
Macey Kessler
404-978-6414
[email protected]
