Were you born between 1946 and 1964? Then you are a Baby Boomer and Baby Boomers are not moving out of the Boston downtown
Moving isn’t as popular as it used to be. I know that older people are less likely to move than younger people are and our population is aging. Younger people are not moving as often either mostly because not as many are moving for jobs.
I’ll admit I haven’t moved in almost 10 years. I haven’t had a reason to move. We usually move because of some life event like getting married, or divorced or having children, becoming empty nesters, retiring, the death of a spouse or old age.
When I started in real estate I was told that on average people move once every seven years. Now it is once every ten years.
According to the U.S. census bureau moving is at a historic low.
In an article that appeared in Housingwire, and according to the Chicago Tribune, these Baby Boomers are a stick in the spokes of the homeowner cycle. And that clog equals some 1.6 million homes that are NOT coming on the market because they have chosen to “age in place” vs. selling and moving to a retirement community or some other community. As a result, these homes are not coming to market for those first time home buyers that are currently looking in the market. It is a form of housing gridlock if you will.
A recent study which found that 76% of Baby Boomers own their own homes. Some 66% of those homeowners think that home values will continue to rise and an even greater 88% of them have renovation plans within the next 3 years! And while Baby Boomers think their home is “just right,” a Millennial might look at an older home as a place to throw money as systems, and more, need updating.
If you have been thinking about “aging in place” or maybe downsizing to a smaller home or even a condominium, why not give us a call and we’d be happy to sit down with you and talk about some of your options