Boomers Have A Variety Of Housing Options
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(The baby boomer generation has always been a big focus of the real estate and housing markets since they make up such a big portion of the population. )
As the boomer generation begins to grow old, they are faced with new life plans such as being an “empty nester” and retirement.
This is also being shown in the new trends in baby boomer housing. Baby Boomers now have a lot of housing options to choose from; ranging from a modern condo to an upgraded single-family home.
One thing is for sure, and that is Baby Boomers are all over the map and have a lot of choices when deciding where to spend their “Golden Years.”
A November 3, 2006 article by Linda Stern of Reuters, “Boomers have an array of housing options now,” discusses how one living situation may be ideal for one Boomer but not for the next.
A recent study by the National Association of Realtors shows just how diverse Boomers are in their plans, and how many different options they have to live.
“The NAR found that boomers have ‘diverse plans and timelines, resulting in different housing requirements and significant shifts from patterns established by earlier generations.’ In other words, the generation that sang along to ‘different strokes for different folks’ when they were kids is still at it.”
“The trade group’s study found that boomers love their real estate. More than 80 percent of the generation are homeowners, and one in four own property beyond their own house, such as land or a vacation home.”
The NAR’s chief economist, David Lereah said that most Baby Boomers will put off buying a retirement home until they are much closer to retirement, and most of them are still far away.
“As they head into a new stage of life, boomers face a broader array of choices than their parents had. Now there are urban condos, suburban luxury town homes, and co-housing communities — planned developments with shared facilities like laundries and dining halls — in addition to the retirement villages of an earlier generation.”
But if you are one of the many Baby Boomers, there are a variety of things to consider when making your next home purchase.
“The value of your home probably won’t go bust, so you don’t have to sell in a panic. There will be younger folks around to buy our houses.”
Before you make your next real estate move, be sure that you analyze your financial plan and situation completely, including where you see yourself financially in the next few years. This will help you make the best decision for your next home.
“Analyze your debt carefully. Taking out a 6 percent mortgage to buy or build a better home may not be the worst thing in the world, especially if you’ve got decent savings tucked away for retirement. But if you end up having to make mortgage payments once you’re retired, that can become more expensive than you think.”
After you have analyzed your financial situation, sit down and make a list of all the things you really want in a home. This will help choosing a home much easier in the long run.
“Room for a home-based retirement business? Security in the form of a doorman or community gate? Proximity to airports, doctors, kids or ballparks? Stores you can walk to? Sunny gardening space?”
