All the talk today is about the Millennial’s and how they are entering the Boston downtown real estate market. But lets not forget about the baby boomers.Regardless of where you live, experts are expecting that Baby Boomers will have a major impact on the local housing market.
That’s because this sizeable portion of the population is comprised of 76.4 million individuals. And many of them are expected to make major moves over the next several years as they continue to retire.
To that effect, I wanted to share with you the top 5 Baby Boomer real estate trends to watch for in the coming months of 2019.
The Top 5 Real Estate Trends for Baby Boomers
Although many Baby Boomers plan to move to the Sunbelt when they retire, others may be motivated by different factors.
For instance, some may be motivated by staying closer to families. Others may be looking for the least expensive place to live. Still others may be more interested in moving to a place with a high quality of life for seniors.
Thus, regardless of where you live, it’s important to consider the following Baby Boomer trends:
Boomers want to pay off their mortgage.
Many Baby Boomers own their own Boston condos. They’ve been paying a mortgage for decades on their downtown Boston real estate. Thus, one of their primary goals is going to be to finally pay off the mortgage and own their high rise condo outright. In fact, for many, paying off the mortgage is a crucial consideration before they’re willing to retire.
They want more convenience.
This may look like a smaller home with less maintenance and less work, but it may not. Baby Boomers also care about living in homes that have modern appliances, energy-efficient doors and other features that will make their life easy. As such, many are also opting for Boston high rise condos such as Charles River Park or other buildings with elevators because of their bad knees, bad hips, etc.
Baby Boomers want a walkable neighborhood.
They’ve already spent a lot of time in their car, what with commuting to work, taking their kids to and from hobbies, etc. So now they’re trying to get back to simpler times, where they lived just a couple of blocks from the grocery store or the local restaurant. They want to be able to access the amenities they want and need without having to always get in the car. Self sufficient neighborhoods such as Beacon Hill.
They want to remain on their own.
In fact, according to a Merrill Lynch survey, only 10 percent of Baby Boomers say they want to move into any kind of retirement or age-restricted community. Instead, they want to stay in their own Beacon Hill homes, in their own neighborhood and be with their own friends.
Baby Boomers want to stay close to their loved ones
This is also a high priority for residents. They not only want to be close to their children, but also their grandchildren as well. Proximity to loved ones is certainly key with this segment of the population.
We hope you’ve learned something new after reading today’s Boston downtown real estate blog. The Baby Boomers will undoubtedly have a huge impact on the downtown Boston real estate market as they prepare for where they want to live their Golden Years.
Please check back here soon to learn about more trends that may impact your local housing market.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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