Predictions on baby boomers housing buying, selling and moving trends for the next 5 years
With approximately 76.4 million people, born between 1946 and 1964, living in the U.S. currently, Baby Boomers have for many decades been the largest population. Therefore, they will be the largest and, also, the wealthiest to ever retire. Even though the market crash in 2008 has influenced every US generation financially, some Baby Boomers are still keen on fulfilling their retirement dreams of moving to the Sunbelt. As the times are changing and Millennials have a tough time moving away from home, some of the Baby Boomers are actually looking to stay closer to home and their children and grandchildren. Therefore, it is completely expected that their decisions on moving and investing in properties influence almost every local real estate market. In order to better understand the Baby Boomers housing buying and selling and moving trends for the next 5 years, we will need to take a look at their needs and habits.
The stock market crash in 2008 has forced many Baby Boomers to keep their jobs rather than retire. The crash has had a tremendous effect on their home and properties values. Therefore, many of them gave up on the dream of spending their Golden Years in the Sunbelt. However, not all of the Baby Boomers that stayed home did it due to financial reasons. Let’s take a quit look at what it is that people aged 54-72 need and want:
Reasons for Baby Movers to move
Many of the Baby Boomers that were lucky enough not to get financially crashed in 2008 and retire are in a search of a new home. There are various reasons for them wanting to move. They are either looking for warmer weather, better living facilities or just a different living environment.
Baby Boomers have influenced the US economy in many ways and will continue to do so in the next few decades. Their spending habits drove our economy while their retirement years will affect the real estate market as well as the tourism and leisure industries.
Where are the Baby Boomers moving?
The Baby Boomers who want to live in a warmer climate are searching for new homes in the Sunbelt area, especially Florida and Arizona. On the other hand, there are some retirees that want to change their surroundings and go back to the past and the best time of their lives. Therefore, they are leaving the suburban areas and moving back to the cities. The main reason for this type of relocation is the fact that their homes in the suburbs usually require too much care and time. Also, their children have moved out and their social activities are changing. Therefore, many Baby Boomers are leaving their old homes and moving to the cities, close to the venues like operas, theaters, and museums.
What do they expect from their new living facilities and how to understand Baby Boomers housing buying and selling and moving trends for the next 5 years?
In order to understand Baby Boomers housing buying and selling and moving trends for the next 5 years, we will need to look into their requirements regarding the living conditions. A large number of Baby Boomers is looking to downsize and want to live in one story homes due to the convenience. Don’t get fooled by their age, they still want to be on their own. Smaller houses usually require less work and maintenance, which leaves them more time and energy for social activities. Walkable neighborhoods another important factor for active Baby Boomer retirees.
Baby Boomers retiring are looking for comfort, privacy, and convenience. Therefore, the ones that are moving back to the big cities are usually looking for smaller houses or apartment buildings with many amenities like concierge services, valley, and elevators.
Do all Baby Boomer want to move?
The Baby Boomers housing buying and selling and moving trends for the next 5 years show that the answer is: NO. And not only due to the economic reasons. There are many Baby Boomers that want to stay in their old homes and not even looking to downsize. As many Baby Boomers kept working, young Millennials have a hard time finding a job and moving out. Approximately around 1/3 of young adults in the US still live with their parents.
There are also Baby Boomers that don’t want to move or downsize because they want to stay close to their families and friends and have enough space for them to visit.
Moving to a new home as a Baby Boomer
Relocating is a big change at any age. However, moving as a retiree will most likely mean you will need to have a more detailed moving plan. Baby Boomers that are moving will need to plan their relocation, empty their old homes, decorate the new one, take care of the paperwork etc.. In order to have a stress-free relocation, you will need to plan ahead and prioritize. The most important task is to find a reliable mover. Having a reputable moving company to help you relocate to a new house will make the whole process much easier, safer and quicker. Professional moving companies can take care of every step of your move in a safe and timely manner. Any reliable mover will be able to provide you with packing, unpacking, transport and any other additional relocation services you might need. Therefore, take close attention when choosing a moving company. Moving scams are not an uncommon occurrence. Therefore, check your movers’ reputability.
Plan your move
In order to stay organized and move with ease here are a few steps to follow:
- Find a reliable mover.
- Create a detailed packing plan and don’t relocate anything you don’t actually need or use.
- Write down the list of any necessary tasks you need to do before the move.
- Get to know your new neighborhood before the move. Also get familiar with Baby Boomers housing buying and selling and moving trends for the next 5 years in the local area. This may help you find interesting venues and meet the locals.