Shorewest Reports: Where are Baby Boomers Set to Retire?

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boomersBaby Boomers, the largest segment of homeowners in America, are beginning to retire and will continue to do so over the next 15 years. What does this mean for their homes and the real estate market in general? On the heels of the National Association of REALTORS® Generational Trends Study, Better Homes and Gardens recently released survey data about the homes Baby Boomers (ages 49-67) expect to live in during retirement. Overall sentiment showed continued passion for living an independent, active life, retreating away from traditional ideas such as retirement communities. Here are some highlights from the survey:

  • 43% of boomers plan to stay in their current homes in retirement. More than half plan on moving somewhere new.
  • Of the boomers planning to move, the majority (72%) plan to stay in the state where they currently live. These moves are more about lifestyle changes such as access to different activities, while remaining close to family and friends.
  • Boomers who want to buy a different home understand the importance of upgrades and amenities; 69% are willing to make renovations to their next home to fit their specific needs and wants.
  • Though multi-generational housing is a trend that continues to gain traction in the United States, 83% of boomers said they don’t expect to live with other generations of their family.
  • One in four boomers are likely to purchase a second home, such as a vacation or beach home.

Are you a Baby Boomer thinking about retirement and questioning your housing needs and wants? Contact a Shorewest real estate agent today to discuss what your options are for buying or selling. If you plan on staying in your home, consider upgrading with the Shorewest Home Services Center, which offers you discounts and deals on renovations from roofing to room additions.

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Categories: Home Buying, Home Selling, Quarterly Newsletter

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