Time was when retirement meant a move to a community where all your neighbors belonged to the same generation: Old. No more. Times and trends have changed.
As baby boomers begin to retire, they’re going their own way — or ways — when it comes to housing choices and relocation strategies, writes Ana Veciana-Suarez for the Miami Herald.
“As they age, boomers are going to be doing a lot of different things,” says John McIlwain, who just completed a housing report on the generation for the Urban Land Institute. “There’s not going to be just one trend.”
That may be especially true in South Florida, where so many residents hail from elsewhere.
South Florida boomers “form a lot of different slices,” says Michael Greene, a Coldwell Banker broker-associate who has worked in the local market for more than 40 years. “Their choices really depend on their particular situation.”
McIlwain’s report, “Housing in America — The Baby Boomers Turn 65,” details how this 78 million-strong generation is creating both challenges and opportunities for the real estate industry. About 10,000 boomers reach Medicare age every day, and the over-65 crowd is predicted to grow 36 percent by the end of this decade, to 54.8 million –up from 40 million in 2010. By 2030, the total will top 72 million.
Because there are so many of them, boomers will affect the housing market for a long time. But how is anybody’s guess. Some will stay in the homes where they raised their children. Others will downsize. Others may move to be closer to family or reduce housing costs down. And the affluent may buy a second home near the kids while keeping the old homestead.
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