The Demand for Home Elevators is Increasing

By Michael Leary
Vice President, Access Lifts & Ramps

 

There has been an increase in the installation of home elevators across the country and the growth of home elevator installations is expected to increase significantly over the next few years. Some trends corresponding to this growth include:

• Home elevator sales in the United States doubled between 1998 and 2003. Industry forecasts predict even faster growth over the next five years.
• In a 2003 National Association of Home Builders (NAHB) study of home buyer preferences, approximately 7% of new home buyers characterized home elevators as a “must have” and an additional 24% may consider one.
• For the home buyers who view having a home elevator as important, 68% are under the age of 55.
• Properties with scenic views (i.e., waterfront, golf courses, country-side, wilderness, metro downtown areas, etc.) are increasing in demand and the use home elevators provide homeowners easy access to top floors with the most breathtaking views.
• An increasing number of baby boomers are including home elevators in their homes as part of their long-term plans (for themselves or their parents) to ensure their homes are as comfortable and convenient as possible for years to come.
• The growing “Aging In Place” and “Universal Design” movements are providing aging baby boomers and seniors with lifestyle options that are enabling them to stay in their own homes many additional years. Included in these movements is the use of accessibility equipment such as home elevators for existing and new homes.
• The 2004 Baby Boomer population of 34 million will increase to 40 million in the next 5 years and double by 2030 as the baby boomers age. These people will account for over 8 million new home buys over the next 5 years, many building their final dream homes.