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Gen X Embraces Resort-Style Living: The New Trend in Homebuying
about 1 year agoUS
Source: growthspotter.comGen X is now entering their peak earning years, and they're looking for a different kind of home life. National homebuilders such as Pulte and Taylor Morrison are expanding their offerings to cater to this demographic, introducing all-ages communities with resort-style amenities previously reserved for 55+ active adult communities.
Key Insights
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Gen X homebuyers are showing interest in amenities traditionally associated with retirement communities, such as pickleball, spa services, and wine clubs.
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Homebuilders Pulte and Taylor Morrison are creating all-ages communities with resort-style amenities to cater to this demand, such as Del Webb Explore (Pulte) and Esplanade (Taylor Morrison).
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Pulte's research indicates that 40% of potential Del Webb (55+) buyers were interested in their offering but not in the age-restriction.
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These communities offer a mix of home designs, from smaller, active adult floorplans to larger homes suitable for multiple generations.
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This shift impacts impact fees, with non-age-restricted communities generally incurring higher fees for schools and mobility.
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Why this matters:: The trend reflects a changing preference among Gen X, valuing lifestyle and community amenities as much as traditional home features. It opens up opportunities for people to enjoy the perks of a vibrant lifestyle, regardless of age.
In-Depth Analysis
The convergence of Gen X reaching their peak earning years and a desire for a vibrant, active lifestyle has led to a new trend in the housing market. Homebuilders are responding by developing all-ages communities that offer the same resort-style amenities traditionally found in active adult (55+) communities. Pulte's new Del Webb Explore brand and Taylor Morrison's Esplanade communities exemplify this shift. These communities are not just for retirees; they're for anyone who wants to live like they're on vacation every day, offering concierge services, private clubs and curated experiences. In Florida, Pulte has four Del Webb active adult communities under development across Central Florida, with another two on the way; Taylor Morrison also has four Esplanade communities in the development pipeline, none of them age-restricted. The move away from age restrictions brings in a wider variety of people, while offering luxurious amenities and a curated experience, which is exactly what Gen X has been looking for.
FAQs
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Q: What is the difference between Del Webb Explore and Pulte's resort division?
Del Webb Explore is for permanent residents seeking a resort lifestyle, while Pulte's resort division focuses on vacation home communities that allow short-term rentals.
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Q: Are all Esplanade communities age-restricted?
No, Taylor Morrison has pivoted away from age restrictions for its Esplanade brand in recent years.
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Q: How do impact fees differ for age-restricted versus non-age-restricted communities?
Non-age-restricted communities typically incur higher school and mobility impact fees.
Key Takeaways
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Gen X buyers have more options than ever for finding communities that match their lifestyle preferences.
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The shift towards all-ages resort-style communities reflects a broader trend of prioritizing experience and community.
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Buyers should be aware of the potential differences in impact fees between age-restricted and non-age-restricted developments.
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For those seeking a vibrant, active lifestyle, these new communities offer a compelling alternative to traditional neighborhoods.
Discussion
Do you think this trend of all-ages resort-style communities will continue to grow? Let us know! Share this article with others who need to stay ahead of this trend!
Sources & References
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