The Boomer Housing Market Driven By Affordability
If you asked baby boomers what the most pivotal aspect of retirement planning was, most would say financial stability and an affordable home. Whether it’s aging in place, choosing a destination near family, or living it up in an active lifestyle community, buyers want a home for the long term, and that means considering how that home will work for them in the future. Retiring should be all about fulfilling dreams, and embarking on this adventure called life. Keep it affordable with some savvy strategies so you can have your house, and live in it too.
Empty nesters and retirees should consider if they really need to stay in their large family home, or if downsizing may offer some relief in terms of energy use, and future maintenance expenses. New roofs can set you back thousands of dollars, is your nest egg set up for that?
Choosing an active adult community is a smart move for affordability and sustainable living. Taylor Morrison’s NEXTadventure home has taken cues from 55+ home buyers asking them what they envisioned in their ideal home, and finding one at an affordable price point was a big determining factor. The beauty of opting for community life is the housing types available to buyers. Manufactured homes shouldn’t be overlooked as an option. These days high-quality construction, and aesthetically pleasing curb appeal comes at an affordable price. Some communities provide a land lease option to offset upfront costs. 55+ buyers may also want to consider apartment or condo communities many of which provide a maintenance free lifestyle.
Affordability extends beyond the purchase price. When boomers buy a retirement home, they want to put down roots, and when they’re living on a pension, and social security, spending a fortune to maintain a home isn’t realistic. Green innovations such as solar panels, tankless water heaters, and Energy Star appliances help keep utility costs down, freeing up cash for what’s really important.
Buyers that want to stay in their current home may want to consider a reverse mortgage whereby they do away with a monthly house payment until the house sells, or the last surviving homeowner has passed. A reverse mortgage gives boomers the means to renovate, pay off debt, or venture off to an exotic destination.
the minutiae of which location has the finest healthcare, the best weather, plentiful amenities it can get a bit overwhelming. To make the transition towards a fulfilling retirement, here are some important factors boomers should be adding to their checklists.
Check the forecast. Weather is a big consideration when deciding where to retire. Snowbirds may want to find a permanent retirement destination, and warm weather states like Florida, Arizona, and California are popular locations for boomers. Some active adults prefer a four-season climate where Autumn is ablaze in color, and ski resorts beckon 55+ ski enthusiasts to hit the slopes. New England states such as Connecticut, Massachusetts, and Vermont are synonymous with ever changing seasons from blankets of fallen snow to the foliage that draws tourists from all over the U.S.
Which amenities are important? Culinary connoisseurs may want plenty of dining options, and outdoor enthusiasts might be looking for the ideal destination for golf, hiking, or boating. Research the area, or better yet become a tourist, and explore the city’s shopping venues, healthcare facilities, and entertainment. Dog owners will want to find affordable homes with backyard space, accessible dog parks, and a canine-friendly community. Cities like Austin, Texas, and Portland, Oregon are as welcoming to their four-legged population as they are the humans.
There’s no place like home. Many boomers and empty nesters would rather stay put than uproot their retirement. Do you have the financial resources to maintain your home long term, and modify it to meet your needs? Aging in place is a wonderful option for retirees, but home features like stairs, and narrow doorways, and halls may be troublesome down the road and can be an expensive remodel. The surrounding community is also something to consider. Does your hometown offer services, and facilities geared towards an age-friendly lifestyle?