Baby Boomers Are Downsizing Are You Ready To Move

Dated: October 16 2018

Views: 36

Baby Boomers are Downsizing, Are You Ready to Move? | MyKCM

For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame?

Here’s what some of the experts have to say on the subject:

Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.

According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes.

It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes? 

Last month, Trulia looked at the housing situation of seniors (aged 65+) today compared to that of a decade ago. Trulia’s study revealed that:

Although seniors appear to be delaying downsizing until later in life, as a group, households 65 and over are still downsizing at roughly the same rate as in years past.”

Trulia also explains that, 

5.5% of households 65 and over moved, pretty evenly split between moves to single family (2.7%) and multifamily (2.4%) homes. In 2005, these percentages were virtually the same, with 5.5% of senior households moving, including 2.5% into single family and 2.5% into multifamily homes.”

So, if these percentages are the same, what is the challenge?

Recent reports tell us that the older population grew from 3 million in 1900 to 47.8 million in 2017.

In addition, the Census recently revised the numbers from their National Population Projections:

The aging of baby boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history…By 2035, there will be 78.0 million people 65 years and older compared to 76.7 million under the age of 18.

Bottom Line

If you are a baby boomer who is not sure whether you should downsize or move to a warmer climate (other people are doing it, why not you?), let’s get together so we can help you evaluate your options today! Contact Tricia Glover and The Glover Team at 540-846-0185!

Blog author image

Tricia Glover

As an agent who's an expert in this local area, I bring wealth of knowledge and expertise about buying and selling real estate in the Northern Virginia Area. It's not the same everywhere, so you need....

Latest Blog Posts

The Question Is Carpet Yes Or No

Carpet Comfort for Your BedroomThe bedroom, particularly the master, is your personal haven. Part of what can make it cozy is a sumptuous carpet. But with so many types and styles, how do you?

Read More

What About Brunch

LIFESTYLEWhat Time is it Considered Brunch?LYDIA GREENEIf you were to ask me, "what time is brunch?" I would say that brunch is an innovation of mankind, one that cannot be truly defined. In my

Read More

Did You Know

Tricia Glover, RealtorThe Glover Team, Inc. 540-846-0185http://tglover.liveinfredericksburgva

Read More

Sellers And Buyers Are Both Feeling More Optimistic In Todays Market

People are feeling better about the real estate market, both on the buyer and seller side—so if you’ve been thinking about buying or selling a home, now is a great time to make a.

Read More