BLOG

6 Trends in Baby Boomer Housing

retired_coupleMost of today’s retirees are from the Baby Boomer Generation, born during the baby boom years 1946-1964 following World War II. When looking at retirement plans, many boomers want to go to Sunny Florida, some stay closer to home, but most will sell their old suburban family home and move to newer, more age appropriate homes.

Below are some of the trends driving the Baby Boomer retirement market:

1. Boomers want to pay off their mortgage. Especially those born before 1955…they have been paying a monthly mortgage for most of their married lives. With the old home free and clear, they are now ready to look at another home.

2. Lower housing expenses. For many about to be retired persons, the equity built up in the home is one of their largest assets. According to a recent Merrill Lynch survey of 6,000 adults, on average, home equity among homeowners age 65 and older is more than $200,000. Baby boomers want to buy a smaller home and free up some of that money to travel, renovate a home or save that money for extra expenses associated with ageing.

3. Convenience. A newer home or a smaller home means less upkeep. Modern appliances open floor plans and a one level home translates into an easier lifestyle.

4. Walking Neighborhoods. Baby boomers spent their earlier years in car communities, commuting to work, driving kids to schools and sports. Now the trend is walking to the coffee shop or health food market close to home, socializing along the way.

5. Renovating. Not shy about investing in their home, baby boomers want comfort and style as well as an age friendly home.

6. Close to family and friends. Whether staying close to old friends or moving and making new friends, baby boomers look to their neighborhoods for those friendships. So if you move to be close to your daughter…make sure you like where you are moving, daughter or not.

When it is time to decide where you want to spend the next phase of your life, make sure you start your search with a real estate professional. Sharing your retirement objectives and criteria with them allows your agent to better help you with housing choices.

Lakeside Real Estate Group has been introducing families to the leisure living of the Tellico Lake area since 1989. We offer unsurpassed real estate service to both buyers and sellers in East Tennessee. Lakeside is dedicated to the growth and success of this community, and we provide our customers and clients the highest level of professionalism in the industry. Please give our office a call at 865-458-9600 to meet with one of our many exceptional real estate professionals today. We are ready when you are.

 

 

 

 

Posted: June 11, 2015