While the Millennials may have taken over, Baby Boomers are still in a close second with over 73 million of their generation in society. Many of which are beginning new stages of life and actively searching for or selling a home.
The trends and habits of this ‘silver tsunami’ of purchasers aren’t quite like those of their parents before them. Baby Boomers are characterized as those born post World War II, rounding out ages at ages 56-74. Fun fact? More than 1/3 of the boomers are single females. Despite aging they aren’t quite ready to settle down and we are loving their spirit.
1- They are staying put. Unlike the habits of the past this generation is choosing to stay in their homes longer with the primary reason for moving being family (and proximity to grandchildren) much attributing to the nationwide housing shortage. 52% of boomers say they’ll never move from their current home, according to a Chase bank survey of 753 boomer homeowners released earlier this year.
Those that do make the move are staying close to home opposed to vast relocating. Staying near friends, family, social clubs, churches, doctors and their routine is important when making the choice to move.
2- Baby Boomers aren’t ready to relax. Most of this generation are looking for ways to increase, or continue, their active lifestyles well into their golden years. Walk-to-live neighborhoods and active communities are top on this group’s list when searching for a home. It’s all about the amenities, amenities, amenities! *It’s important to note that while they want to stay active they are also looking for low maintenance properties- less yard work, less home updates.
3- Think they are all retired? Think again. Most of this generation are still actively in the work force well passed their 60’s making their housing budgets more flexible, and higher, than older generations of the past. This also increases a need for a workable space at home such as a home office or flex space.
4- Assisted living and nursing homes are not on their lists. As healthcare improves and healthy lifestyles gain popularity most baby boomers want to ‘age in place’. When searching for new homes the 55+ group is looking for wider doorways and hallways, handicap capable or adaptable bathrooms and entrances as well as one story homes versus two. *The National Association of Home Builders reports more than 40% of the homes built today feature a first-floor master suite, a significant jump from 15% just ten years earlier.
5- Downsizing to upsize. Those boomers that are making the move to smaller, more manageable, homes are also looking for luxury in their new place. Custom floor plans and new builds seem to be of most interest to this market. Boomers want to have the home of their dreams if they are making the effort to move.
While the Boomers aren’t a prime market of home buyers about 40% of them will relocate each year. It’s always important to keep in mind the diversity of potential buyers when marketing your home.
Beloved baby boomer planning a move? Selling your home and curious how to cater to the 55+ market? Whether you are looking or selling, I would love to help.
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