Following Baby Boomers to Their Next Purchase

Baby boomers are becoming seniors at a rate of 10,000 per day, 4million per year. By 2020, 80 million people in the U.S> will be 65 or older. Many will uproot to flee ice storms and frost heaves, move closer to kids and grandkids, or seek gated retirement communities for security and social activities. It should matter to REALTORS where boomers choose to live. Seniors commit fewer crimes and drive less, but require more medical facilities, which will increasingly affect municipal and federal spending. A study from the Joint Center for HOusing Studies at Harvard Unviersity states that the growing number of those over 65 will shift the composition of housing demand toward smaller homes, rental properties and senior housing. Already, school budgets are shrinking where age-restricted residential communities sprout. Opportunity exists for REALTORS who work with homeowners who face housing issues in the years between retirement and assisted living.

A study by the Metlife Mature market Institue on early boomers stresses that by 2020, women between the ages of 65 to 74 will head one third of households. A rising number will be responsible for grandchildredn and unable to move. According to the U.S> Census Bureau, The prercentage of people who changed residences between 2010 and 2011---11.6%--was the lowest recorded rate since 1948. There is also pent up demand of families who have doubled up in this current recession. When the economy does improve and the glut of foreclosed homes lessens, the senior niche market will be a boon to REALTORS.