“Building for the Nexers” Presented at 2004 Seniors Housing Symposium

The nexers consist of 30 million baby boomers between the ages of 47 and 58−a huge segment that will impact the future of the housing industry and how it conducts business. Planners, architects, and builders are being urged to build for this next generation of buyers; yet, they often don’t have a clue as to how the nexers will be living and what they will want and need in their housing. Moderator Bill Feinberg, president of Feinberg & Associates organized a panel of experts to discuss “Building for the Nexers” at the 2004 Seniors Housing Symposium on April 16. Panelists included qualitative researcher Myril Axelrod, president of Marketing Directions Associates; market researcher Rebecca S. Wood, vice president of John Burns Real Estate Consulting, Inc.; and urban planner Howard Rippetoe, vice president of Sharbell Development Corporation.

Feinberg & Associates has been conducting an on-going focus group study with nexers of different incomes in four important housing markets—Philadelphia, Washington, D.C, Raleigh, and Chicago. “Our research has enabled us to learn more about this generation of prospects and to develop a background that will help us, and the builders and developers we work with, search for answers to what makes the nexers tick,” remarked Bill Feinberg.

Myril Axelrod, who plans and conducts the Feinberg research, explained that nexers are different from every previous generation of seniors. In addition, there are important socio-economic and regional differences among the nexers, but they also have several things in common:

• In general, the nexers are not ready to move now, and probably won’t be in a financial or life stage position to move for another five or ten years.
• Unlike previous generations, most nexers do not intend to retire at age 65. They plan to work indefinitely.
• They have a strong resistance to the over-55 housing format.
• Nexers want their homes to be an expression of themselves. They want plenty of architectural diversity in their neighborhoods and architectural details in their homes.
• Maintenance-free homes hold enormous appeal to nexers and very well might be the “hook” that gets them to move.
• Nexers want relief from their hectic lives. Every focus group session brought up the desirability of a Main Street concept where homes are planned within walking distance to restaurants, coffee shops, movie theaters, boutiques, and services
• Elaborate clubhouses don’t seem to interest this generation. Many nexers prefer outdoor activities like hiking, boating, and fishing over golf and tennis.
• Nexers want to live within a reasonable drive to a city so they can take in an occasional show or museum visit.

Demographic Research Provides Additional Insight
Rebecca Wood presented additional insight about the nexers based on demographic data. She discussed boomers’ financial and spending habits as they relate to housing and how the economy has shaped the way they think about debt. “Early Boomers are the first generation to have never experienced a severe recession and are able to accept being in debt more than any generation before them,” explained Wood.

Nexers Drawn to Neo-Traditional Communities
Neo-traditional communities have many attributes that appeal to nexers, and very well could be the “hook” that will motivate them to move. Howard Rippetoe presented Washington Town Center located in Mercer County, N.J. as a successful case study. “Fifteen to 20 percent of the people who live in Washington Town Center are nexers,” Rippetoe said. “The community brings together an urban ambiance with the carefree atmosphere of hometown neighborhoods, which is highly appealing to this age group.”

Nexer Research Continues in 2004
Throughout 2004, Feinberg & Associates will be continuing its focus group research to dig deeper into the nexers’ product preferences. Each metro market will be revisited to get the nexers’ thoughts on site designs, floor plans, and specific ideas about product.

Feinberg & Associates, PC, is a multidisciplinary firm that offers site design, architecture, and interior merchandising services to builders across the nation. We take a market-based approach to every project, and produce designs based on solid consumer research. Our in-depth understanding of a wide variety of consumer segments has put us on the cutting edge of home design, land planning, and model merchandising. For more information or a copy of the presentation with talking points, contact (856) 782-0100 or visit www.feinbergdesign.com.