Much of the 55-plus group is still an active part of the workforce will into their 60s and beyond. Carmichael said 19% of the 65-plus+ population works today, compared to just 11% in the late 1980s.

Retirees' biggest fears? Running out of money. In fact, 35% of today's consumers are not confident they will have enough money to live comfortably through retirement.

When they do retire, where are they going? Las Vegas, Phoenix, Florida, Idaho, Oregon, Washington and California (which is retiree friendly).

Multigenerational households are growing, too—in Phoenix and California, especially, where the sandwich generation is alive and well with people caring for their parents as well as their adult kids who bouncing back home. Pension plans, however, are going away in the new economy.

A notable increase in diversity among shoppers has been noticed, even among Baby Boomers, and Carmichael suggested we might start to see more multicultural 55-plus communities because of this.

Innovators and equalers are the primary target for 55-plus communities, since they have the highest number of households out there. Who has the money? Innovators, followed by achievers. Equalers have the lowest net worth in that age group. “A lot of this has to do with the recession; equalers are not quite as wealthy as innovators,” said Carmichael.

She broke down various demographic groups based on the decade in which they were born and the overall mindset of the times: 1940s = Achievers; 1950s = Innovators; 1960s = Equalers. 1970s = Balancers; 1980s = Sharers; 1990s = Connectors. The point? Depending on the decade in which they were born, they have different priorities and needs for their homes.

Achievers, she said, are the number-five opportunity for 55-plus communities. This demographic was raised in 1950s homes that were less than 1,000 square feet. They're used to making every piece of storage work, and some of that innovation is popping up in today's new homes.

Carmichael said there are 27 million people aged 67 to 76 in this country, and 70% retired of them are retired. “They are the wealthiest retirees out there. They prefer detached homes, and they want more traditional housing choices.”

Innovators, on the other hand, aged 57 to 66 are 40 million strong and have the highest net worth. They were raised in unconventional homes in the '60s (think rock and roll), and fantasy took center stage (e.g., “I Dream of Jeannie”). This group were the inventors of technology, and they ushered in an era of more career women, fewer children and more split or “Brady Bunch”-style blended families who adored and spoiled children. There was a huge growth in technology during this era, and 70% of this group are still working, but they have more “stuff” than savings. They also were the first generation to have 401ks.

For innovators, retired = old. They have substantial equity, are working longer and want to keep working. They think they're about 20 years younger than they really are. This group, Carmichael said, wants something unique in a home; they want to retire in a cool, hip location. A three-story home with an elevator, a brownstone—all with private outdoor space—fit the bill, as do multifamily units with an outdoor deck. More than 80% of this group wants outdoor privacy to read the paper, play with the dog, BBQ and entertain. “People treasure outdoor time.”

Carmichael listed the following Top 10 Consumer Insights for the 55-plus cohort:

1. The top generational segment shopping for home today are innovators. They may want to look in the suburbs, too—as long as the space is walkable to retail and restaurants.
2. More than 50% can't find what they're looking for.
3. They want more function first; macro trends point to smaller and more functional space indoors and outdoors.
4. Let home technology create greater size, comfort, health and savings; show them how to do it in your model.
5. Multi-generational housing will rise due to shifts in retirement, the family redefined, rising ethnic diversity and affordability.
6. Accommodate their pets for 50%+ of your consumers; how you set up for pets is important.
7. Outdoor privacy will continue to rise with covered outdoor rooms, enclosed courtyards, etc., given global privacy invasion.
8. Casual continues to be smart even amongst older consumers. Organic is also important.
9. Modern (particularly modern organic and casual) is on the rise for mostly interior style.
10. Spaces for “friend suites” are rising in importance—and these are not necessarily their children.

IRVINE, CA—Adults in the 55-plus age category don't just fall into one amorphous demographic blob; they have distinct housing-need differences that builders need to address in their design and location of 55-plus communities, John Burns Real Estate principal Mollie Carmichael told listeners during a recent company webinar titled “The Boomer Generation Redefined: Evaluating Preferences & Opportunities.” The webinar was intended to reveal what the firm had learned through research about new demographic shifts and generational attitudes for today's 55-plus consumer. “We can no longer look at the 55+ consumer as one group known as 'the Boomers,'” was the message. “We are living longer, working longer, family formation is changing, and life as we know it is changing daily.”

Carmichael pointed out that in the residential real estate market, “we sell the most expensive product to consumers today,” so it behooves the market to recognize the differences among this growing demographic and how it affects their decisions about where and how they want to live. For example, not all Baby Boomers are grandparents; 50% of consumers aged 55 to 65 want to live in a childless neighborhood. More relevantly, 53% of this age group can't find what they're looking for in a home.

Carmichael said the age group of 55-plus has changed so much. “We're all living so much longer; 55 is the new 45. Nearly 10,000 people turn people turn 65 each day in this country, and that number will be, 11,700 per day by 2025.”

This older demographic will not be ignored. A huge percentage of this population is 65-plus, and 55-plus comprises 54% of total owned households in the country. “You have to shift to make this a big part of your business plan.”

Much of the 55-plus group is still an active part of the workforce will into their 60s and beyond. Carmichael said 19% of the 65-plus+ population works today, compared to just 11% in the late 1980s.

Retirees' biggest fears? Running out of money. In fact, 35% of today's consumers are not confident they will have enough money to live comfortably through retirement.

When they do retire, where are they going? Las Vegas, Phoenix, Florida, Idaho, Oregon, Washington and California (which is retiree friendly).

Multigenerational households are growing, too—in Phoenix and California, especially, where the sandwich generation is alive and well with people caring for their parents as well as their adult kids who bouncing back home. Pension plans, however, are going away in the new economy.

A notable increase in diversity among shoppers has been noticed, even among Baby Boomers, and Carmichael suggested we might start to see more multicultural 55-plus communities because of this.

Innovators and equalers are the primary target for 55-plus communities, since they have the highest number of households out there. Who has the money? Innovators, followed by achievers. Equalers have the lowest net worth in that age group. “A lot of this has to do with the recession; equalers are not quite as wealthy as innovators,” said Carmichael.

She broke down various demographic groups based on the decade in which they were born and the overall mindset of the times: 1940s = Achievers; 1950s = Innovators; 1960s = Equalers. 1970s = Balancers; 1980s = Sharers; 1990s = Connectors. The point? Depending on the decade in which they were born, they have different priorities and needs for their homes.

Achievers, she said, are the number-five opportunity for 55-plus communities. This demographic was raised in 1950s homes that were less than 1,000 square feet. They're used to making every piece of storage work, and some of that innovation is popping up in today's new homes.

Carmichael said there are 27 million people aged 67 to 76 in this country, and 70% retired of them are retired. “They are the wealthiest retirees out there. They prefer detached homes, and they want more traditional housing choices.”

Innovators, on the other hand, aged 57 to 66 are 40 million strong and have the highest net worth. They were raised in unconventional homes in the '60s (think rock and roll), and fantasy took center stage (e.g., “I Dream of Jeannie”). This group were the inventors of technology, and they ushered in an era of more career women, fewer children and more split or “Brady Bunch”-style blended families who adored and spoiled children. There was a huge growth in technology during this era, and 70% of this group are still working, but they have more “stuff” than savings. They also were the first generation to have 401ks.

For innovators, retired = old. They have substantial equity, are working longer and want to keep working. They think they're about 20 years younger than they really are. This group, Carmichael said, wants something unique in a home; they want to retire in a cool, hip location. A three-story home with an elevator, a brownstone—all with private outdoor space—fit the bill, as do multifamily units with an outdoor deck. More than 80% of this group wants outdoor privacy to read the paper, play with the dog, BBQ and entertain. “People treasure outdoor time.”

Carmichael listed the following Top 10 Consumer Insights for the 55-plus cohort:

1. The top generational segment shopping for home today are innovators. They may want to look in the suburbs, too—as long as the space is walkable to retail and restaurants.
2. More than 50% can't find what they're looking for.
3. They want more function first; macro trends point to smaller and more functional space indoors and outdoors.
4. Let home technology create greater size, comfort, health and savings; show them how to do it in your model.
5. Multi-generational housing will rise due to shifts in retirement, the family redefined, rising ethnic diversity and affordability.
6. Accommodate their pets for 50%+ of your consumers; how you set up for pets is important.
7. Outdoor privacy will continue to rise with covered outdoor rooms, enclosed courtyards, etc., given global privacy invasion.
8. Casual continues to be smart even amongst older consumers. Organic is also important.
9. Modern (particularly modern organic and casual) is on the rise for mostly interior style.
10. Spaces for “friend suites” are rising in importance—and these are not necessarily their children.