Cecily O'Connor
RedwoodAge.com

More boomers are settling into communities near their jobs to accommodate their need to work longer before retirement.

Boomers are choosing homes near their jobs.

The number of people who chose a community close to work increased to 16.6 percent in 2007, up from 11.4 percent in 2001, according to a new study. Some also are opting for living environments that enable them to transition into a work-from-home situation.

The data is significant because by 2010 one-quarter of the US population will be made up of boomers - a group that will greatly influence housing market choices. The growing importance of living near work demonstrates how adults are trying to cope with the realities of delaying retirement.  

"The baby boomers' influence on housing choices has been profound, and will have a huge impact on trends in housing for the mature market as that age group continues to move toward retirement," said Sandra Timmermann, director of MetLife Mature Market Institute, which conducted the study along with the National Association of Home Builders. 

"Some findings, such as the tendency for buyers in 55-plus communities to continue to work in greater numbers and for longer periods of time, show us that this group is redefining the traditional notion of retirement," she said.

Boomers have many housing options from which to choose. Some adults are now considering cohousing arrangements that are being set up in a variety of US cities, while condos, urban highrises, single-family homes and, later, continuing care communities offer something for almost every situation.

Adult Communities
The report, based on figures from the US Census Bureau, found that even so-called, age-qualified adult communities are attracting households under age 60 who are still working. The share of households in these communities - which are designated for those 55 and older - nearly doubled between 2001 and 2007, and exceeded 20 percent in 2007.

In addition to a desire to live close to work, adults over 55 are most likely to move from their existing homes primarily for family-related reasons. However, the design and look of their new communities, and the quality, design and layout of their new residences are of prime importance.

To that end, an increasing number - 3 percent in 2007, compared to 2.2 percent in 2001- will opt for age-restricted communities that have been designed for "active adults" with a heavy emphasis on lifestyle. Even though most adults were generally happy with their current homes, residents of active-adult communities had the highest satisfaction rates, according to the study.

Still, the number of units being built in age-restricted housing units has decreased with the downturn in the economy. At the same time, sales of new homes for active adults have fallen off as interested buyers either cannot sell their current homes, or simply decide to wait for a more stable market.