There’s an undeniable truth: Baby Boomers are not the economically stable generation they were predicted to become. In fact, the majority of those with parents still living find their mom and/or dad are better off financially than they are. A few stock market and real estate market slumps have meant significant declines in retirement funds and savings accounts, and property values far beneath what was expected.
The unfortunate side effect is a rise in the average age of retirement, with many Boomers saying they simply can’t afford to quit working at age 65. But the Boomers aren’t a generation to lie down and take it. They may have to work later in life, but they’re making it clear that, if they must do so, it will be on their terms. They will show up, give it all they’ve got, and then return home at the end of the day, not to a retirement village in the Florida Keys, but to a flat in middle of downtown.
According to a recent survey conducted by Better Homes and Gardens Real Estate, Boomers have little intention of living in the traditional retirement village once they sell their primary residence. Instead, Boomer respondents have the following intentions for their Golden Years:
- 57% of those ages 49 to 67 plan to move out of their current home
- A whopping 70% believe the home they retire in (and move out of) will be the best they’ll ever have
- 25% intend to buy a second home or cottage now that they will hang onto until retirement; at which time, 69% will invest in significant renovations to make it their dream home
- 39% want to live in a small town or rural community
- 26% want to get in on all those great little flats that are popping up in cities across the U.S., offering great amenities and little work
What does this mean for property owners? Opportunity. There’s a great big opportunity now to create and market properties specifically for this up and coming generation. A significant portion of them will be selling, and when they do, owners with properties in small towns and rural areas, as well as those with flats or flat-like offerings, will stand to benefit a great deal. Just don’t forget to tailor your marketing materials and marketing channels directly to this demographic if you expect to catch their eye.
Need some help accomplishing this? The professionals at Class A Management can help. Call us today at 817-284-1411 or drop us a line to email@example.com.