Whether you currently live on a residential airpark or are interested in the possibility of moving to one in the future, you probably are interested in the demographic makeup of such developments. Current residents may wonder if the residential airpark at which they live is unique or its breakdown of residents is average.
Those looking to acquire a property on a residential airpark want to know if they will fit in considering their age, financial situation, family situation, etc.
In an attempt to determine the current picture of residents of airparks, we recently asked subscribers to Living With Your Plane to complete a short, 10-question survey. In less than two weeks we received 156 completed surveys and more than 250 people took the time to look the questions over.
Based on the survey responses that we received, we conclude the average residential airpark resident is between 45 and 65 years of age with a spouse in the 45-55 year range. The couple has no children at home. Their annual income is more than $100,000 and the airpark home is not their primary residence. Almost half of the average folks have lived on the airpark less than three years and the other major group has lived there more than five years. The largest group of residents has a home valued between $350,000 to $500,000. The vast majority owns an airplane but don’t own either motor home or boat.
Of course, averages don’t tell the entire story so here’s some expansion on each category. The 56-65-age bracket was represented by 34.6 percent of respondents with those in the 46-55 group coming in a close second at 33.9 percent. Those in the 35-45 year group followed them at a distance at 14.1 percent. The 66-69 group came in at 5.1 percent; over 70 folks totaled 9.6 percent and those under 35 registered only 2.5 percent.
Spouses weren’t far behind. The 46-55 year old group accounted for 30.7 percent with the 56-65 year olds at 23 percent. The 66-69 and over 70 year olds each tallied 5.1 percent while the 35-45 came in at 19.2 percent and those under 35 were 4.4 percent of the total. There were 2.1 percent of those doing the survey that indicated they did not have a spouse.
From the ages of the residents it was very little surprise that 74.3 percent indicated they had no children living in the home. Of those with children at home, 16.6 percent said they children attended local public schools while 15.3 percent said their children did not attend the local schools.
When it comes to finances, 58.2 percent reported an annual income over $100,000. A 35.1 percent group listed income between $50,000 and $100,000 while only 6.6 percent reported annual income under $50,000.
The survey showed that slightly more than half of the respondents did not consider their airpark home their primary residence. A total of 52.5 percent said their primary home was elsewhere.
Of those completing the survey, 23.7 percent reported they had lived on a residential airpark for less than 3 years while the same percentage said they had lived on their airpark more than five year. The remaining 7.6 percent had lived on an airpark for 3-5 years. Almost half (44.8%) indicated by their answer that they were not living on a residential airpark.
The survey asked for the assessed value of their airpark home and one developer contacted us explaining that he thought market value would be a better term. He pointed out that the assessed value varies greatly from area to area. We agree but think most individuals completing the survey consider assessed value and market value about the same. We point this out as a possible discrepancy for you to take into account when considering buying or selling an airpark home.
Those completing the survey, 25.9 percent indicated their home was valued at $350,000 to $500,000. Another 24 percent reported valuation of over $500,000 for their property. Homes in the $275,000 to $350,000 level came next at 17.5 percent with the next less expensive category, $200,000 to $275,000 properties claimed by 12.9 percent. Homes in the $150,000 to $200,000 range came in at 7.4 percent; $100,000 to $150,000 homes accounted for 3.7 percent while those under $100,000 were reported by 8.3 percent of the survey respondents.
When it came to owning an airplane, 78.8 percent indicated they had some type of aircraft. Those reporting ownership of a boat or motor home came to 39.1 percent with 60.9 percent claiming not to own either type conveyance.
Our survey is far from scientific. It is strictly an attempt to give a view of who lives on an airpark, their income, family situation and what other amenities they might have.
Value of homes and annual incomes probably vary by geographical areas and we made no attempt to determine in what state respondents lived.