If you suppose the Baby Boomer generation will fade softly into old age: think again! Some startling new trends in retirement housing say otherwise. There are certain home buying preferences among the post-World War II generation that appear especially significant. Here are our five key trends in baby boomer housing.
Trend Number One: Retire- And Work Some More!
The biggest trend demographic studies reveal about Baby Boomer retirement…Boomers won’t retire completely! They tend to leave primary careers, but then continue working in a variety of part-time pursuits that give them extra money. Housing market prices in elite retirement communities reflect this change.
Trend Number Two: Affordable, Vibrant Cities Prosper
Baby Boomers already display a willingness to relocate before age 65 to vibrant cities which maintain excellent economic growth coupled with affordable housing and attractive recreational amenities. Places as diverse as Greenville, South Carolina; Phoenix, Arizona; and Boise, Idaho benefit from this real estate trend. Previous generations often departed in large numbers for sunny locales- not Baby Boomers!
Trend Number Three: The Over-65 Crowd Will Age in Place
Despite their penchant to keep wandering, even Baby Boomers likely won’t relocate frequently after reaching the age of 65, however. Yet since this broad demographic group extends over a nearly 20 year span, the full measure of their retirement planning won’t appear until a few years from now. By 2030, fully one in five Americans will be over 65 years old. Experts already note a tendency on the part of Baby Boomers to spurn the traditional style of retirement communities in favor of more independent lifestyles. Many plan on “aging in place” and retaining their autonomy as long as possible.
Trend Number Four: Independent Women
Another trend on the horizon impacting housing involves the large number of households headed by single senior women. By 2022, experts project that the number of working women over aged 65 will outstrip the number of working men in that age demographic by over 5 million in the USA. Convenience in housing will remain important to these individuals.
Trend Number Five: Wider Hallways, Spacious Kitchens
To accommodate the needs of aging Boomers, designers will need to build residences with spacious kitchens and bathrooms and wider hallways that provide easy access to facilities for people using walkers and wheelchairs.
Experts anticipate these trends will impact housing significantly during the next few decades. Savvy builders will prosper when they cater to the semi-retired, independent-minded Baby Boomers.
If you’re in the market for an incredible Nashville home featuring one (or more) of these trends, our award-winning real estate agents are here to help. Give us a call or drop us a line today.