According to data from the U.S. Census Bureau, there are 76.4 million baby boomers. This statistic has an interesting implication for the real estate market.
Many baby boomers will be in the market to downsize from the home where they raised their family to a smaller house or apartment. Here are a few tips for helping baby boomers find the right home for the next chapter of their lives.
1. Friends and Family: Living in a close proximity to friends and family will increase the likelihood that baby boomers will have companionship and someone to care for them should the need arise. Plus, who wants to watch their grandchild’s first steps over video chat.
2. Accessibility: As people age, walking up stairs may become burdensome or impossible. Look for houses or apartments with ramps, stair lifts, or elevators. Similarly, make sure that all the housing you look at is wheelchair accessible.
3. Storage: Downsizing is an emotional process for many reasons — including the fear of losing the memories attached to the home and the belongings it contains. Almost every parent has a box of notes, art, cards, macaroni necklaces, and other memorabilia from their kids and grandkids. Recommend that they open a storage unit so that they can keep things with sentimental value even after they move.
4. Neighborhood: Ideally the neighborhood will have classes and activities for baby boomers. It will also be good to look for neighborhoods with good hospitals and doctor’s nearby. Bonus points if there is a golf course close!
Whether you are an agent or a friend or family member, these tips will help you make a baby boomer’s transition easier.