Baby Boomers Open Door to New Housing Options

baby-boomers

Healthier, wealthier, and with plans to work into their 70s, America’s 78 million Baby Boomers are
throwing a wrench into the retirement housing market, rejecting the senior ghettos represented by cookie-cutter retirement communities and condominiums of days past, for new forms of affinity living and aging-in-place strategies.
Given the almost two decade age span that comprises the Boomer age cohort [birth years 1946-1964], there is an equally broad array of family types and lifestages which dictate housing preferences. From the relatively new phenomenon of 3+ adult households [aging parent or adult child moving into the Boomer home], to younger, bustling second and blended families, to single
adults, a number of new housing formats have evolved in response.
Condent Consumers Boomers have money, and they’re not afraid to spend it. While the Boomer generation comprises just 25% of the U.S. population, it controls more than 70% of financial assets and wields 50% of discretionary spending power.
According to a 2006 study conducted by the National Association of Realtors, the housing implications for this high earning and big spending demographic segment are clear—Boomers believe in the value of real estate and most have added it to their financial portfolio. Eighty percent of Boomers own a home and fully 25% own at least one additional type of real estate
such as a vacation home, land or rental property. Some 3.5 million Boomers moved in 2005 and
10 percent expect to buy real estate in the next twelve months.
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