Trade group sees continued growth in US senior housing market

23 January 2013 23:50  [Source: ICIS news]

HOUSTON (ICIS)--The housing market that caters to seniors is improving thanks to their ability to sell their existing homes, the National Association of Home Builders (NAHB) said on Wednesday.

Speaking from the International Builders’ Show in Las Vegas, Nevada, NAHB representative Paul Emrath said homebuyers and renters who are 55 years old and older will continue to see a better market in the years to come.

"We expect to see an increased demand for 55+ housing as more baby boomers turn 55 and seek homes and communities that offer the lifestyle they desire," said Emrath, NAHB's vice president of survey and housing policy research.

The NAHB is projecting that the number of housing starts in 55+ communities will increase 22% to 74,302 units in 2013 and another 20% to 89,071 in 2014, he said.

Many in the 55-and-older segment did not bother to look for new housing recently because of the inability to sell their existing homes, but with the uptick in the housing market, that is changing, said Don Whyte, chairman of the NAHB’s 50+ Housing Council.

"For the longest time, there wasn't even a reason to look into 55+ housing as many consumers weren't able to sell their existing homes at a fair price," Whyte said.

The housing market is a key downstream consumer for the chemical industry, driving demand for a variety of chemicals, resins and derivative products such as plastic pipe, insulation, paints and coatings, adhesives, roofing materials and synthetic fibres.

By: Jeremy Pafford
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