6 Housing Trends of and for Boomers
Times are always changing, and it seems that there are some new trends regarding what the baby boomer generation wants to do after they retire. In the recent past, it was pretty typical for people to want to retire somewhere in the South where they could get a lot of sunshine and enjoy the beautiful weather. Few people ever tend to move to colder climates for retirements, but as they say there are different strokes for different folks.
However, the idea of people selling their home and buying a retirement property in the South is fast changing. Many people are even choosing to downgrade their living space in an effort to save money on space that they don’t want or need any more since their nest is empty. Regardless of what your future may hold, you should be aware of the following trends in baby boomer housing.
1. Boomers don’t want to pay too much for housing.
It is becoming increasingly more common for baby boomers to opt for housing solutions that are more inexpensive than their current living situation. Part of this is due to the fact that people’s homes are usually their largest asset, and baby boomers are wanting to reduce their housing costs so they can use their excess money for things like travel, medical expenses, and more.
2. No one wants a mortgage.
Can you blame them? Baby boomers want to pay off their mortgages to take one more step towards financial freedom more so today than ever before. After paying a mortgage for most of their adult lives, many boomers agree that it time to stop paying housing loans. This is yet another reason why many boomers are choosing lower-cost housing.
3. Independence is still a key factor.
This one should be a no-brainer, but fewer and fewer baby boomers want to live in an assisted care facility. Many would prefer to keep their independence and live life on their own terms. In fact, less than 10% of boomers in a survey by Merrill Lynch reported a desire to move to a retirement community.
4. Proximity to loved ones is critical.
Despite the fact that baby boomers want to maintain their independence, many still want to be only a skip, hop, and a jump away from their close friends and family. And this makes a lot of sense. How many people want to travel or fly for hours on end to see their grandbabies and grandkids? Not too many are excited by the costs of airfare and the other costs associated with long distance travel.
5. To baby boomers, convenience is very important.
Because baby boomers have been around the block with home ownership, they know all of the challenges repairs can present when they are faced with a house that has a lot of ‘character.’ As such, they are starting to opt for newer, modern, and conventional living spaces instead of older housing that has a long history.
6. Boomers want to get out and walk through their community.
After the hustle and bustle of a busy career is over, boomers want to stretch their legs and relax a little by walking through their neighborhood. Places with a lot of small local shops—like a small downtown area with interesting boutiques and eateries—are becoming a more popular environments for seniors.
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