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Today’s seniors are more active than any aging generation in recent history. They aren’t shying away from independent living, they aren’t holding onto the past, and they aren’t afraid to spend their golden years doing the things they love. When these baby boomers hit retirement age, they are bucking the tradition of staying in their family homes until they are ready to move to a retirement community. As a result, some new and interesting trends in senior home buying have begun to take shape.
Aging In Place
The huge size of the baby boomer generation has strained every institution it’s touched since its inception in 1946. Over the years, there haven’t been enough beds in hospitals, desks in classrooms, or bedrooms in homes to accommodate them. Now that these baby boomers are aging, they will likely have the same impact on senior housing. Retirement communities and assisted living facilities are becoming more expensive and harder to find. People are also living longer and remaining active later in life, making independent living more appealing than group environments.
All of these factors have helped the concept of aging in place, where seniors remain in their homes permanently instead of moving to a care facility or family member’s home, grow in popularity over the years. Now more than ever, members of the aging population are buying and even building homes with lifelong accessibility in mind. They are moving into spaces that boast what builders and real estate agents know as “universal design,” emphasizing a more open layout and features like bottom-floor master suites, wider door frames, lever handles, and slip-resistant flooring. Some of these homes even include elevators for easy access to multiple levels.
Rightsizing
Also unlike past generations, seniors are bucking the tradition of moving to a smaller apartment or condo with less land to maintain. Instead of downsizing, they’re “rightsizing,” choosing a space that is right for their needs, rather than defaulting to a “more manageable” home, giving them the freedom to pursue their passions and hobbies. For avid gardeners, this may mean a smaller home with more land and a barn or shed to store their tools and equipment. For artists, this may mean a larger home with a bonus area for a studio. For travelers, this may mean forgoing a traditional home for an RV or a tiny house on wheels.
Whether they land in a smaller or larger dwelling, baby boomers are also part of the “decluttering movement.” Even if they aren’t downsizing their living space, the aging population is downsizing their belongings by having yard sales, gifting heirlooms to children and grandchildren early, and refusing to store both their parents’ and their children’s extra stuff. Unlike previous generations, this generation is also technologically savvy, making it possible for them to store memories like photos and videos, as well as entertainment like movies and music, digitally. This allows them even more freedom to choose a home based on what they want their life to look like, rather than how much stuff they have.
Urbanization
Like millennials, boomers are part of the growing group of homeowners looking for the amenities urban living provides. From shopping and healthcare to culture and transportation, seniors are moving out of the suburbs in search of walkable communities close to part-time jobs, volunteer opportunities, and places where they can pursue their hobbies.
In response, developers are beginning to buy up properties in the heart of downtowns everywhere in hopes of turning them into the next era of senior housing. These types of units range from high-rise apartments to sections of multi-use structures, and they appeal to seniors looking for mostly-independent living. Because of proximity to amenities like dining, health clubs, and public transportation, seniors won’t have to pay for all-inclusive living like they would in typical retirement communities. This will make the price point much more reasonable for the cost-conscious or those living on a fixed income.
If you or a loved one is considering a move in your post-retirement years, don’t be afraid to think outside the box. After all, that’s kind of what baby boomers are known for!