When we look at the future of our housing market we tend to look at the significant impact Millennials will have on shaping future housing demands in the years to come. After all, Millennials (born between 1982 and 2000) are the largest of all demographic groups…including Baby Boomers. However, the first of the Boomers turned 70 this year-and their move into the “retirement” years has been the subject of conjecture for decades. As that conjecture turns into reality, market experts are discovering that Boomers are not doing what was expected of them: to “downsize” their lives. By the way, recent U.S. Census Bureau stats showed that San Juan, CO had the Highest rate of increase in the 65-and-older population of any county between 2010 and 2014 (70.9%), and two other Colorado counties (San Miguel and Douglas) were also in the top five.
In surveys and statistics across the land, nearly two-thirds of Boomers have no plans to move at all. They will “age in place” in homes and communities where they have often lived for a decade or more. Those that do plan to move are not going far. Most will stay in state and move within 30 miles of their current home.
The most significant news is that nearly half of those that will move plan to increase the size of their home – or spend more for a home the same size as what they have now. Some say it is to accommodate family members such as an adult child and their family, who have either fallen on hard times, or to house family members who can care for them as they age. Others say it is to fulfill housing dreams they had to postpone after the last recession.
The other half of “Boomer movers” will downsize, either by moving to a smaller home or spending less for a home of the same size. In general, most are looking for considerably less maintenance in their new home, but they also still want a small yard or garden. The overwhelming consensus in housing preferences for Boomers is to seek single-story homes when they move.
One thing is for certain: as we age, we face a myriad of financial, social and health-related issues that often dictate a change in our housing requirements. Whatever your needs may be, if you find yourself wondering “What’s out there that may be better for my life?” – call me. I’d love to show you the tremendous variety of housing options available in our Front Range market.