If you’re a baby boomer, you’re gracefully riding the waves of aging. You’re also setting new trends in the housing market, as you have “given birth” if you will to a new housing trend which experts are calling the “Silver Tsunami”. This isn’t about changing an address – it’s about a lifestyle transformation which is met to meet the unique needs of the golden years.
You may not be aware of this little fact – approximately 10,000 people reach the age of 65 every day! By 2030, all baby boomers will have passed this milestone. Among those statistics, the AARP’s estimate stands out: a staggering 74% of total U.S. homeownership belongs to individuals over 50, with more than half of this demographic opting for downsizing their home as a strategic move.
If you were born between 1946 and 1964, you are in the “Silver Tsunami”. Your generation has played a pivotal part in shaping the American society throughout every stage of life. And, downsizing is just simply a prevailing trend amongst your generation. In other words, throughout your senior years, you are reshaping the real estate landscape.
Maybe you’ve heard the term “aging in place”. That is a desire to remain in your home, but it doesn’t mean that you need to stay in the same large family home that has seen decades of memories. Instead, that concept often means downsizing to a more manageable, efficient and accessible living space.
The statistics are a testament to the appeal of downsizing among this generation. AARP estimates that a whopping 74% of homeownership in the United States is held by individuals over the age of 50. Additionally, more than 51% of people in this age group have already made the move to downsize.
Why “make the move” and downsize? For some it’s about financial reasons – reducing the costs and maintenance associated with larger homes. For others, it’s the desire for a simpler, more manageable lifestyle which will allow them to focus on experiences rather than possessions. Health concerns and accessibility also normally play a significant role, and many opt for home which will accommodate mobility challenges.
Downsizing is not merely a demographic shift. It’s a testament to the baby boomer generation’s determination to embrace their golden years on their terms. Single-story residences, condos, and communities with amenities tailored to an active older population are experiencing increased interest. Builders and real estate developers are adapting to these evolving preferences, creating more accessible, age-friendly housing options.
One way to find out about your options is to determine the value of your current home and its equity to facilitate the change in housing. Contact us to provide this service at no obligation as well as to inform you what is available to meet your wants and needs.
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