Younger Boomers expect to own their homes for the longest period of time at 20 years, and Baby Boomers purchased the newest homes on average. Younger and Older Boomers were more likely than others to purchase in a small town, and Younger Boomers were the most likely to purchase in a rural area. “Baby Boomers purchased for an array of reasons, primarily the desire to be closer to friends and family, due to retirement, and the desire for a smaller home. But shifting demographics are forcing the industry to diversify more rapidly across rates and services, yielding increasingly lavish residences for upper-income Americans as well as a growing number of affordable housing models.”Ģ022 Home Buyers and Sellers Generational Trends Report ( National Association of REALTORS®, Mar. “Specialized housing for older Americans has been around for decades. What Baby Boomers Want (Options!), Senior Housing Delivers ( The New York Times, Jul. Highlighting the place in “aging in place” may help us see with greater clarity how affordable, accessible, safe, suitable housing supports health, and how care and support are integral to home.” “The importance of housing in the COVID-19 pandemic, and the range of innovations and policy ideas that arose from the urgent need to keep people safe at home, can be the foundation of a new narrative about housing as the linchpin of wellbeing for older adults. The rates in all other groups were not statistically different from the rates in second quarter 2021.” Housing Trends of the Over-50 DemographicĪdvancing Housing and Health Equity for Older Adults: Pandemic Innovations and Policy Ideas ( Harvard Joint Center for Housing Studies, Oct. The second quarter 2022 rates were higher than in the second quarter 2021 for those under 35 years old and those 45 to 54 years old. “The second quarter 2022 homeownership rate was highest for those householders aged 65 years and over (79.3 percent) and lowest for those householders under 35 years of age (39.1 percent). Source: Homeownership Rates By Age ( U.S. Seniors Real Estate Specialist® designees are REALTORS® qualified to address the needs of older home buyers and sellers. These include cost calculators, community ratings, moving guidance, and financial assistance resources. There are some protections in place to help borrowers avoid foreclosure.Ī number of helpful tools and websites exist to help seniors weigh their different housing and funding options. However, it’s important to understand the options, risks, and benefits associated with reverse mortgages. They can borrow against their home equity for as long as they remain in their home. Reverse mortgages can be an attractive loan option for some seniors. While some seniors are moving to traditional retiree hotspots, other locations are growing in popularity among older adults. This may involve working with a client’s family in the process. Real estate agents who work with seniors should be prepared to handle any accessibility needs and understand older buyers’ priorities. Fewer people are choosing assisted living facilities than in earlier generations. There are some trends toward renting in active adult communities and exploring senior co-housing, although many seniors are buying homes similar to those owned previously. Senior households are increasing faster than other age groups and baby boomers make up the greatest percentage of sellers by generation.
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