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Over 65s Are Upsizing


Over 65s Are Upsizing

Forget about turning 65 and looking for a condominium in a sunny place to play golf and relax. Now that the majority of Baby Boomers are looking to age in place, most are not downsizing but instead rightsizing, and this means that they will play a major role in the foreseeable housing market.

“Rightsizing” implies the space in the home will be utilized to its fullest, not necessarily less square footage. But according to an article in Healthy Aging, Baby Boomers are refusing to downsize at all and a third of them are looking for their new forever house. In fact, 46 percent say their next home will be bigger than what they are living in currently. And for most, this will not be in senior communities. According to the National Association of Realtors 2022 report, Baby Boomers make up 29 percent of current home buyers. Could they be squeezing out some of the millennials for homes?

So why are people moving at all if they aren’t looking to go to senior communities and condos in Florida and Arizona? The number one reason people over the age of 57 are moving is to be closer to family and friends. This is followed by the desire for a smaller home, but not that much smaller! Most are wanting to have grandchildren come and stay and age in place. With the work-from-home phenomena still raging, the Baby Boomers are a huge asset for childcare assistance. They may also have a child living at home with them as 17.8 percent of young adults between the ages of 25-34 do now, compared to just eight percent in 1960.

Baby Boomers will choose to age in place and renovate their homes to do so or move to a home with these amenities. There will be an increased need for services and programs to assist the older generation to accomplish this, but they will continue to be an important element of our housing market. They are focusing on these types of upgrades, not downsizing.

What do you think of these reports? Surprised? Not surprised? Are you a baby boomer yourself that has an opinion to share in support or against these statements and statistics? Do share! I am fascinated by it all and, of course, would love to help you find the perfect place for either you or your parents to call home in that exciting new chapter of life.

Alison JensenOctober 21, 2022