DUBLIN--(BUSINESS WIRE)--The "Texas Active Adults (55+) Community Market Size, Share & Trends Analysis Report by City (Dallas, Houston, San Antonio, Austin), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The Texas active adults (55+) community market size is expected to reach USD 41.5 billion by 2028, according to the report. It is expected to expand at a CAGR of 4.42% from 2021 to 2028.
The growing interest of the elderly population above 55 years of age towards maintenance-free lifestyle, socialization, a sense of community, and structured activities is one of the major factors driving the market. In addition, retirement not being in the eligibility criteria and the variety of support services and optional care available at these facilities are the factors boosting the market growth.
Furthermore, the baby boomer population is increasingly adopting the philosophy of simplifying their lives, desiring up-to-date modern conveniences and social engagement, pursuing experiences that promote activities, and a true sense of community and wellness. For several people, the capability to downsize and spend a lesser amount of time maintaining and cleaning a bigger house is the only reason they need to move into an independent living community. Given the advantages of active adult living facilities, key players are focusing on developing new establishments. The availability of various facilities, coupled with the increasing awareness, is contributing to the demand for active adult living communities.
The onset of the COVID-19 pandemic resulted in a slight decline in the demand for senior independent living facilities in Texas. This decline in demand was majorly due to the increased cost of homes. For instance, the average selling price in 2020 was USD 430,000, compared to USD 427,000 in the previous year. However, the fall in housing demand in the first two quarters of the year 2020 was short-lived. In the current scenario, several deals have been underway as players are majorly focusing on increasing their presence in Texas. In June 2021, a subsidiary of Livingston Street Capital, a boutique private equity firm concentrating on commercial real estate investments across the U.S., purchased a 180-unit active adult community in the Lewisville submarket of Dallas-Fort Worth.
Texas Active Adults (55+) Community Market Report Highlights
- The share of home buyers 55 and older has more than doubled in the last 15 years to around 38%-40%. Thus, the increasing housing demand among baby boomers is anticipated to fuel the growth of active adults (55+) living facilities
- Dallas and Houston are some of the key cities in this market owing to the availability of multiple facilities, along with the strategic presence of major real estate developers. Other cities such as Austin and San Antonio also held a significant revenue share in 2020
- Strategic initiatives such as collaborations and the development of new active adult communities undertaken by various market players are expected to bode well for the market
- There are more than 240 active living communities in Texas. The state has a number of towns dedicated to retirement communities popular with adults aged over 55 years
- PulteGroup (Del Webb) is one of the major players operating in the market. The company operates active adult communities such as Del Webb at Trinity Falls, Sun City Texas, and Del Webb at Union Park, and Hill Country Retreat
Market Dynamics
Drivers
- Growing Demand for Community Homes
- Growing Desire To Live Independently With A Sense Of Community Among Active Adults
- Demand for Housing
- The Benefits Of Moving To A Retirement Community
- Growing Awareness About Fitness
Challenges
- Lack Of Healthcare Service Provision
- Strict Regulations Over Age Qualified Senior Living
Opportunities
- Increasing Adult Population Aged 55 To 64
- Initiatives By Active Adult Communities
Companies Mentioned
- PulteGroup, Inc. (Del Webb)
- Robson Resort Communities
- Avatar Holdings
- Beechwood Homes
- CountryPlace
- Heritage Ranch Golf & Country Club
- Shea Homes Design Studio
For more information about this report visit https://www.researchandmarkets.com/r/1iixo0
