Baby Boomers Archives - Green Escrow Services, Inc

Generations compete for housing

October 18, 2021 By Geoffrey Disch Leave a Comment

According to a recent report by Zillow, the intense demand for housing is being driven primarily by two generations: millennials and baby boomers. Statistics show that while millennials want to buy, the share of first-time buyers has dropped to 37 percent this year.

Meanwhile, those aged 60+ who are buying increased by 47 percent in the decade from 2009 to 2019.

As homeowners, baby boomers have a distinct advantage as home values have increased by 31.2 percent in the last 10 years. Many millennials are saddled with crippling student debt which makes saving for a downpayment very difficult, if not impossible.

The housing market will be booming … in 20 years

November 29, 2019 By Geoffrey Disch Leave a Comment

Zillow is calling it the “Silver Tsunami” in a new analysis in which they estimate that 27 percent of today’s owner-occupied homes will become available by 2037.

How did they come to this conclusion? It’s simply that as more and more of the Baby Boomer generation passes way their homes will become available. Zillow estimates that from 2017 to 2027 920,000 homes will become available annually and that between 2027 and 2038 that number will rise to 1.17 million homes annually.

This means that roughly 20 million homes will hit the market through the mid-2030s!

Baby Boomers aren’t going anywhere

May 28, 2019 By Geoffrey Disch Leave a Comment

Blame it on the Baby Boomers! One of the biggest problems in real estate today is the lack of available homes for sale throughout the country. According to a recent report by USA Today, Baby Boomers are partially responsible as they’re not moving out of their homes and downsizing as they enter retirement.

The reasons are many. Approximately 20% of those 65 or older are still working as compared with just 12.1% back in 1996. In other cases, they have adult children living with them and need the space.

Some Baby Boomers are looking to downsize but can’t find a suitable smaller home.

Baby Boomers: Downsizing but still spending

August 23, 2018 By Geoffrey Disch Leave a Comment

It’s estimated that approximately 10,000 baby boomers turn 65 and move towards retirement every day – and will be doing so until 2030. And, while they still possess a significant economic clout, boomers are adjusting their lifestyle to fit their current needs.

More often than not, this means downsizing – do they really need that 3-car garage or the large library. While the homes may be getter smaller, they’re still upscale – stocked with all the amenities and conveniences.

Finally, more retirees are now renting. In the last 13 years, rentals of family homes have increased from 9 million to well over 43 million. Many are finding they’ve had enough of ownership, the goal now is experiencing.

What Do Baby Boomers Want?

January 4, 2018 By Geoffrey Disch Leave a Comment

A new survey polling homeowners between the ages of 53 and 71 reveals that proximity to food is a prime consideration for these Baby Boomers. Proximity to a neighborhood grocery store ranks number one while the availability of nearby restaurants is listed as number two.

Keeping active is also important with nearby fitness centers and walking trails ranking high although golf courses only came in at number 49.

It’s Up To Mom

March 24, 2016 By Geoffrey Disch Leave a Comment

According to a recent article in The New York Times the average American lives only 18 miles from their mother with only 20 percent living more than two hours from their parents.

The article, by New York Times staffers Quoctrung Bui and Claire Cain Miller goes on to say, “Over the last few decades, Americans have become less mobile, and most adults – especially those with less education or lower incomes – do not venture far from their hometowns.”

Analysts see this trend continuing as baby boomers get older and require more care from their adult children as well as two-income families needing more help with child care.

Looking to buy? Better ask Mom, first.

Baby Boomers Not Downsizing – Or Selling

March 3, 2016 By Geoffrey Disch Leave a Comment

Leave it to the Baby Boomers to do things their own way – this time in the real estate. Contrary to earlier generations, who typically downsized as they neared retirement age, this group is staying in the family home much longer.

What’s the big deal? By holding on to their homes they’re contributing to the low inventory of available real estate, thus driving up prices.

And the effect is compounded by the fact that by holding on to their homes, they are driving up prices for those smaller homes that Baby Boomers might prefer. Thus, those who do actually want to downsize and sell find that they literally can’t afford to do so.

But analysts point out that the Baby Boomers will not own this vast inventory – 32 million homes – forever and, eventually, change will come.

Baby Boomers Staying Put

January 29, 2015 By Geoffrey Disch Leave a Comment

According to The Demand Institute, Baby Boomers – the post World War II generation – are not moving from the suburbs to cities, are not selling their homes in favor of renting, and are not planning to move away from family to warmer climes. They are staying put (“aging-in-place”) for a variety of reasons, a major one being that many lost a considerable portion of their retirement wealth.

The report added that, rather than down-sizing many are looking to increase the size of their homes snd insist on remaining near children and grandchildren.