The experts always say, “look for the market gap.” Loosely defined, a market gap exists when a lot of people need something that not many companies are providing. If your company can fulfill that need, you’ll have lots of customers headed your way.
One of our industry’s top resources, Hanley-Wood, has published a report highlighting a significant opportunity with the aging baby boomer population. Notably, the number of adults aged 65-74 is projected to nearly double by 2030. And contrary to popular belief, they don’t intend to flood nursing homes or downsize. More than 80% plan to stay in their current home for retirement.
Here’s the gap: while growing numbers of people intend to “age in place” in their homes, they often lack the kinds of accessibility features (in their entry doors, for example) they may require. Contractors, remodelers and building products manufacturers such as ProVia are needed to fulfill this huge demand, that will grow for many years to come.
Remodeling Professionals Needed!
“Age in place” households have a huge need for professionals and products, and this is highlighted in facts from a Remodeling report citing studies done by the AARP, the Joint Center for Housing Studies Harvard University, and Hanley Wood 360 Research:
- The leading edge of the baby boom is projected to nearly double the number of adults aged 65-74 from 21.7 million (2010) to 38.6 million (2030)
- 6 in 10 homeowners plan to stay in their current home for retirement
- The median net wealth of homeowners aged 50 and over was 44 times that of renters in the same age group
- There are over 11,500,000 million pro-worthy remodeling projects undertaken in 2014 and an estimated 44% of these are undertaken by 55+ households
- As consumers age, their use of professional contractors increases
- 5.5 million older households include someone with mobility difficulty, but have homes without no-step entryways
- Demand far outstrips supply
The “Home for Life” Project
Recognizing this opportunity the folks at Hanley-Wood’s Remodeling magazine put together a program called “Home For Life” that educates the public on how to address accessibility needs. They’re promoting a project home on their website and working with high-profile partners such as the American Association of Retired Persons (AARP). ProVia is a sponsor, and our entry doors are featured in the project home.
ProVia Custom Entry Doors – Adaptable for Special Requirements
ProVia’s custom entry doors are adaptable to special requirements, such as those needed to address mobility issues. Our entry doors were chosen for use in the Universal Design Living Laboratory, which showcases home features that accommodate people of all abilities. Our custom entry doors were also used when remodeling the home of a Boston Marathon bombing survivor. The doors for this home address requirements for proper door width, thresholds, and ADA ease-of-use specifications for wheelchair accessibility.
Filling the Gap
As the need for accessible entryways grows, ProVia is positioned to fulfill escalating demand, and there’s a growing need for professional contractors as well. Together, ProVia and our family of remodeling professionals can help fill the gap. Our custom entry door capabilities will help the aging boomer population live out their dreams to stay home.