Top 5 Baby Boomer Housing Market Trends to Watch

By Saul Gross

Regardless of where you live, experts are expecting Baby Boomers to have a major impact on the local housing market. That’s because this sizeable portion of the population is comprised of 76.4 million individuals. And, many of them are expected to make major lifestyle moves over the next few years as they start to retire. With that in mind, we bring you today's Top 5 Baby Boomer real estate trends to watch.

Top 5 Real Estate Trends for Baby Boomers

Although many Baby Boomers plan to move to the SunBelt when they retire, others may be motivated by different factors. For instance, some may be motivated by staying closer to families. Others may be looking for the least expensive place to live. Still others may be more interested in moving to a place with a high quality of life for seniors. Thus, regardless of where you live, it’s important to consider the following Baby Boomer trends:

Boomers want to pay off their mortgage. Many Baby Boomers own their own home. They’ve been paying a mortgage for decades. Thus, one of their primary goals is going to be to finally pay off the mortgage and own their home outright. In fact, for many, paying off the mortgage is a crucial consideration before they decide to retire.

They want more convenience. Some may look for a smaller home with less maintenance and less work, but Baby Boomers also care about living in homes with modern appliances, energy-efficient doors and other senior-lifestyle features designed to make life easier. So, many seniors are opting for one-story homes (no stairs to climb) because of bad knees, bad hips, etc.

Baby Boomers want a walkable neighborhood. They've already spent a lot of time driving, what with commuting to work, taking kids to playdates, etc. Now Boomers are trying to get back to simpler times, where they lived a few blocks from the grocery store or their favorite restaurant. They want to be able to access the amenities they need without having to drive the car.

They want to remain on their own. In fact, according to a Merrill-Lynch survey, only 10 percent of Baby Boomers say they want to move into any kind of retirement or age-restricted community. Instead, they want to stay in their own homes, in their own neighborhood near their friends.

Baby Boomers want to stay close to their loved ones. This is also a high priority for residents. They not only want to be close to their children but also their grandchildren as well. Proximity to loved ones is certainly key with most grandparents.

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We hope you’ve learned something new after reading today’s real estate blog in The Stream. Baby Boomers have a huge impact on the real estate market as they prepare for their Golden Years and look into their housing options. Please check back with us soon to find out more local housing market trends that could impact this important decision.