The baby boomers are entering their golden years and are poised to become the largest generation of retirees in the country’s history. Through their sheer numbers, boomers have impacted the nation’s economic trends. Now, as more of them enter their retirement years, this generation’s housing preferences will help determine the housing options available to younger people entering the market.
Not only are baby boomers the largest generation, but they also have different lifestyle preferences than previous generations. Baby boomers are working longer and delaying the home downsizing many have been expecting. While some observers think baby boomers are contributing to the inventory crunch by staying in place, others believe boomers are holding on to their homes to time the market and that a massive sell-off is on the horizon.
To better understand this demographic group, Trulia took a close look at the housing situation of seniors 65 and over now and a decade ago, as well as how senior households stack up in different metros. Of course, not all boomers are seniors yet—we define baby boomers as individuals born between 1945 and 1964, making them between 54 and 73 this year. However, we focus on changes in senior housing preferences over the last decade to offer insight into how boomers, who are starting to become seniors en masse, differ in their housing choices compared to previous generations.
Click here for more information: https://www.trulia.com/research/late-boomers-how-seniors-are-affecting-the-housing-market/