Baby Boomers: 1 in 4 home Buyers are 55+

 
 

This past week I was reminded again about the visualization of the baby boomer generation looking much like a basketball making it’s way through a garden hose. With the first baby boomer having turned 65 years old in 2011 and 8,000 of this cohort “celebrating” a 65th birthday daily, we are being bombarded regularly with messages about how this generation will impact virtually every aspect of life.

Even the National Association of REALTORS® (NAR) didn’t have a break-out session at this year’s NAR Conference in San Francisco devoted to dealing with the senior client, 55+ living options, or multi-generational housing needs. This despite their own reports indicating 1 in 4 home sellers as being over the age of 65 last year.

Regardless of your city, county, or state, this trend and need for suitable housing to serve the needs of not only our aging boomer generation as homeowners, but more importantly, their needs as primary caregivers for their rapidly aging parents and relatives, is only going to accelerate in the coming decade.

According to the AARP, in 2008, 5.3 percent of all households, or 6.2 million, were occupied by multiple generations of families. That number rose to 7.1 million households by 2010, or 6.1 percent of all households – a growth rate faster than the previous eight years combined for a total of 51 million Americans (U.S. Census Bureau).

We have listed a few housing options below that, as a real estate professional, you may want to pay attention to and become more familiar with as you will likely find yourself faced with clients looking to you to help navigate this new frontier… 

Multi-Generational Housing Options: Lennar NEXTGEN homes –http://lennarnextgen.com/

Residential Care Homes for the aging: Type YOUR STATE “association of residential care homes” into your search engine for relevant information in your area about residential group housing for the elderly.

55+ Active Adult Communities: Lennar Active Adult 55+ Communities –http://lennaractiveadult.com/ Del Webb Communities – http://www.delwebb.com/ 

 

By: KCM blog