Baby Boomers Effect on Housing Market
Retirees have historically down sized once they stopped working and started living on a fixed income. The newest generation to start heading in to retirement have deviated from the norm and are holding on to their homes. It was predicted many years ago that once Boomers reached retirement age that they would start the next housing crisis through a mass sell off of their current property in order to scale down to a smaller house or apartment. This didn’t happen and now there could be an opposite, but nearly negative, effect on the housing market. Younger generations entering in to the work force and starting families are having a hard time finding affordable housing because Boomers are holding on to what they have. Conversely, this has sparked a new business boom in the area of “Senior Proofing” existing houses, modifying current houses in order to be more accessible to those retirees already living there. Rather than finding a new place to live, seniors are modifying their current houses in order to better accommodate them. For more reading on this subject, visit this article by Steve Cook with Total Mortgage.