It’s not all about Millennial’s, Baby Boomers are Still Buying Boston Condos for Sale
Boston Condos for Sale and Apartments for Rent
It’s not all about Millennial’s, Baby Boomers are Still Buying Boston Condos for Sale
| Generation | Share of Home Buyers | Share of Home Sellers |
|---|---|---|
| Baby Boomers | 42% | 55% |
| Millennials | 26% | 16% |
| Gen X | 25% | 23% |
| Gen Z | 4% | 2% |
| Silent Generation | 4% | 4% |
- Equity Advantage: Boomers are often “cash-rich” from previous home sales, allowing them to make large down payments or all-cash offers that bypass high mortgage rates.
- Affordability Crisis: Younger buyers, particularly Younger Millennials, saw their share of first-time purchases plummet from 71% to 60% in just one year due to rising costs and limited “starter home” inventory.
- Rising Buyer Age: The median age of a first-time homebuyer has climbed to 40, up significantly from age 29 in 1981.
- Motivation for Moving: While younger generations move for jobs or expanding families, Boomers are primarily moving to be closer to family, to retire, or to downsize.
- Pricing Shifts: Amid these shifts, the market is becoming more buyer-friendly in some areas; 51% of recent sellers had to reduce their asking price at least four times to close a deal.
Baby Boomers are Still Buying Boston Condos for Sale
For many years, marketing endeavors focused largely on the Baby Boomers, and rightfully so. Such a huge generation was bound to dominate the landscape of just about everything, from retail to Boston Beacon Hill condos for sale and beyond. Today, that focus has shifted largely to the Millennials, the most recent baby boom generation. After all, the Boomers are aging, and the Millennials have just come of age. But is it really time to count out our seniors? Many say no, as the “silver tsunami” seems poised to cause a seismic shift in the Boston condo for sale market.
Baby Boomers are now becoming Retirees
Why? Because as the Boomers age, it’s predicted that the nation’s 65 and over population will grow exponentially, by about 90 percent by 2040. Most of these people are retirees, and they’re looking to downsize. What else do they want? Neighborhoods that are active, engaging, and walkable, such as Beacon Hill. What they don’t want is to be marooned on what’s been called “islands of old age,” preferring instead to maintain their independence and an inter-generational contentedness. It’s only logical, then, that there would be a move to urban condominiums.
Boston luxury condos for sale and rent
There’s a need for a wide range of pricing options for seniors, too. The number of renters over 55 increased by 28 percent between 2009 and 2015, and it continues to rise. Some of these renters are looking for luxury urban living, while affordable housing is also in high demand. Developers, then, stand to gain from building condominiums at both ends of the spectrum.
All Boston condo price ranges
No matter what their price range, there are some options that Baby Boomers are seeking out in large numbers. Low-maintenance or maintenance-free landscaping is high on the list, as well as windows that let in plenty of natural light, and home offices that allow them flexibility if they want to continue to work past retirement age. Flex space is also important to many seniors because it allows their homes to adjust to fit their needs as those needs change. These are all factors that should be taken into account by any real estate developer who wants to be successful in the senior market.
Boston Condos for sale
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