Baby Boomer Home Buying Trends
Homebuying trends are always a huge topic of conversation. The buying preferences vary by age group. Are baby boomers renting apartments or buying homes? What kind of housing do millennials want? It seems like the answers to these questions are changing quite often. This post is to help you understand the trends of baby boomers.
Who is considered a Baby Boomer?
People born between 1946 and 1964 are considered Baby Boomers and tend to be retired or nearing retirement age. The term “Baby Boomer” comes from the sharp increase (or “boom”) of babies born post World War II. Maybe you are a baby boomer. Maybe your parents are baby boomers. Baby boomers total nearly 80 million in the United States.
As baby boomers look to buy homes, here are some top trends and styles they are seeking:
Home offices are becoming important to baby boomers. They are choosing to continue to work after retirement. Some might work from home instead of going into an office every day. Seniors are now tapping into the “gig economy” for extra cash to supplement retirement income. Find out more from AFTER55.com!
The majority of the baby boomer generation is pretty tech-savvy. They want in-home theaters, surround sound systems, and control systems to manage their media from one location. This may include a wireless home network, remote control lighting, and security features.
Multi-purpose rooms aka “flex rooms”
Flex rooms are becoming more and more popular. They do the job that the current owner needs, but also allows for transformation as changes occur. An office can be turned into a spare bedroom. A vacated child’s room can be turned into a library or art room.
Easily maintained landscapes and exteriors
Outdoor activities like gardening, house painting, and other landscaping responsibilities may no longer be enjoyable to aging homeowners. Baby boomers moving to a new home may opt for a maintenance-free community. Lawns can be replaced with patios, decorative landscaping, or flower beds.
Baby boomers are opting for one-floor ranches to avoid stairs as they age. They are making great decisions for the future! Baby boomers might buy two-story homes that have a bathroom and master bedrooms on the first floor.
Big windows with lots of natural light
According to the National Association of Homebuilders, “The need for more lighting usually increases as we grow older. To accommodate this, builders are adding more windows and making them larger to let in more natural light. Light fixtures are being installed under cabinets and in stairwells. Multiple switches and dimmer controls are added for accessibility and glare control.
Wide doorways and hallways
As homeowners age, the likelihood of them having to use a wheelchair becomes more probable. The wider doors and hallways are useful for moving larger furniture today and can be wheelchair accessible tomorrow.
Traditional retirement locations are out!
According to After55.com, states like Florida, Arizona, and California have lots of retirement communities. Rankings according to Bankrate.com released in March 2017. Traditional retirement locations are out and moving closer to family and loved ones is IN!
Multi-generational homes are defined as homes with more than one adult generation. According to the latest data from Pew Research, the number of Americans living in multigenerational households rose to 56.8 million in 2012. This is 18.1 percent of the total population. The National Association of Realtors says that home buyers 52-61 are more likely to buy a multi-generational home.
Looking for property management services in your area?
Find out about our services and fees from one of our experienced agents. We provide management & brokerage services for community associations, residential properties, and commercial properties.