America is getting older. Actually those born in the USA after World War II and before 1964 are baby boomers, a generation reaching retirement. While analyzing the housing market, we’ve found out that boomers in general do have particular demands and most of these special needs are the same for all baby boomers.
A new Pew Research survey finds little appetite among Boomers for deficit reduction proposals that would take a bite out of their own pocketbooks. For example, 68% of Boomers (compared with 56% of all adults) oppose eliminating the tax deduction for interest paid on home mortgages; 80% (compared with 72% of all adults) oppose taxing employer-provided health insurance benefits; and 63% (compared with 58% of all adults) oppose raising the age qualifying for full Social Security benefits.
The majority of 50+ buyers are inclined to relocate, downsize their home and find a friendly community. So, what do baby boomers want? They want:
To lower housing expenses: First, this refers to their mortgage. Most of baby boomers have been paying a mortgage for most of their adult lives. And now they want to pay it off. Besides, they want to relocate in order to not only be closer to their children and grandchildren, but also downsize their homes. In this way they will have an opportunity to lower their housing expenses to save money for travelling, maybe some medical expenses and any unexpected spending they may face in the future. In the next points we’ll provide more details about needs mentioned above.
Downsizing: While getting older people are becoming more emotional. So this and the next point are all about emotions. Baby boomers will simply downsize to take control over money savings. They will be able to save on running the house, on the monthly bills. As most of boomers want to have better homes and housing conditions, they will take any advantage of downsizing: they will renovate, remodel and/or sell their homes and buy a new smaller one to have best of everything on a smaller footprint. It is proven that 47% of baby boomer home-owners intend to downsize in retirement. Saving money on downsizing, they have a chance to lower home-maintenance costs, utility payments and property taxes. It is a very important feature that boomers really want to invest in something aiming to simplify their lives.
To be close to family: Family and friends make one of the most important parts of 50+ people’s life. Another trend to note is that baby boomers are moving to a new home to be close to their children, grandchildren. Some of them are trying to find a new home close to universities to attend some art classes and cultural events that are held in their neighborhood. Most of boomers say they prefer to move in to larger cities to remain connected to family and friends. Still, if you are a boomer reading this, make sure you really love the place you’re moving in. As you never know when your children will get a new job and move to another side of the country.
Home offices: Some boomers are choosing to work even past the age of 60-65. So they want to have home offices for flexibility. It is noteworthy that most of boomers with bad knees and aching backs don’t want any stairs up and down. They want a master bedroom, a secondary bedroom and a home office on the main floor. Bedrooms are more spacious with walk-in closets, and bathrooms should also be on the same floor with a separate tub and shower.
Better convenience: As we’ve already mentioned, boomers want the best of everything. They prefer smaller homes but more convenience. They want energy-efficient windows and doors, modern appliances, larger kitchens. What they have saved for ages, now they are investing in making their homes better and easier to maintain to have less work and worry less. Yard work, painting and landscaping may no longer be enjoyable for aging people. So they choose to make improvements to exterior surfaces.
Windows/bright lighting: The need for more lighting is another priority for baby boomers. So we can’t underestimate the importance of better lighting in their homes. This means wider windows to have more daylight in the house. For lighting appliances they need multiple switches and dimmer controls. Besides, they need more light fixtures in all rooms.