The largest generation of people America has ever seen, up until the Millennials arrived, are beginning to make big moves. Known as the hardest working generation the world has ever known, the Baby Boomers, are responsible for much of America’s prosperity, and due to the wealth their generation created many of them purchased homes that have represented such wealth. However, many Baby Boomers are now beginning to downsize and sell off their large estates. But where will many of them go? With very little supply across the country the dilemma the market is faced with is will there be enough inventory to satisfy demand?
There are two types of properties that seems to attract Baby Boomers. Next Gen homes and Comparable sized homes (homes that don’t require them to downsize).
Next Gen homes are homes that come with In-Law suites where mom and dad can move in with their kids but have their own home inside the home. Next Gen homes come with a bedroom, living area, bathroom, kitchen, and their own entrance. This tends to be an economical choice and one that could also offer perks to the adult children who has agreed to move in mom and dad, such as babysit the kids on date nights:-)
Then of course there’s the comparable size home that might be more energy efficient, slightly smaller, first floor master bedroom, and efficient use of space. This seems to also be an attractive option for the fact that it’s quite difficult to downsize when you have to figure out what to do with all the stuff that’s been purchased over the past few years.
The housing market continues to expand and Baby Boomers are an integral part of the conversation.