Home Starts in Age-Restricted Communities Drop Year-Over-Year
Despite long-term growth in the sector, the number of age-restricted home starts in 2023 fell by 17%
Aug. 19, 2024
Image: Jaskaran Kooner / stock.adobe.com
The share of age-restricted home starts decreased in 2023 to 49,000.
The construction of homes in age-restricted communities has rebounded since the pandemic, but year-over-year growth is still down. In 2023, about 49,000 homes (30,000 single-family and 19,000 multifamily) were built in these communities out of the nearly 1.42 million homes started that year, according to the National Association of Home Builders' Eye On Housing blog. Compared with 2022, this was a 17% decrease in the total number of age-restricted home starts, with single-family and multifamily starts dropping by about 6% and 14%, respectively.
In 2009, builders started only 17,000 homes in age-restricted communities (9,000 single-family and 8,000 multifamily). The numbers then increased steadily until reaching 60,000 age-restricted starts (roughly evenly split between single-family and multifamily) in 2018. These numbers fell during the pandemic but rebounded in 2021-2022, almost reaching the peak from 2018.
