17% of NAHB Builders Built Age-Restricted Housing in 2024

Only 17% of NAHB builder members build age-restricted housing for people age 55 or older, according to 2024 Member Census.  This is up two percentage points from the previous year.  However, this share has remained within a narrow band (15%-17%) since the question was added to the member census in 2009. 

The likelihood of building age-restricted housing generally increases with the size of the company.  Among builders with 25 or fewer starts in 2024, only 16% to 17% build this type of housing, compared to 36% among those with 100+ starts.  Across business activities, multifamily builders are significantly more likely to build for the 55+ population (44%) than single-family builders (19%) or manufacturers of modular/panelized/log homes (32%).

The median age of the U.S. population continues to increase, inching closer to 40.  With more than 30% of the U.S. population over the age of 55,  this growing demographic group will remain a significant segment of the market for years to come. In 2024, 43,000 housing units were started in age-restricted communities, but this is down 16% from the previous year.  For the existing housing stock, aging-in-place remodeling work is a way to satisfy the demands of an older population looking to remain in their homes longer.

For more details about NAHB builder members, please visit housingeconomics.com or click here for the full article.