The tremendous influence of the Baby Boomer generation has been felt in our nation ever since the years of 1946 -1964 when those newborns rocketed on the scene after World War II. They were the largest American generation ever, until the Millennials arrived. Today there are more than 74.9 million Boomers and even though they are getting older, they will continue to impact the building industry for years to come. This generation is not yet feeling ready to move into a retirement home, so professional builders in Georgia would be smart to continue marketing their homes to Boomers.
Boomers are headed in several different directions as they choose from among the many housing options available to them. Approximately 40 percent will move from their current homes. Some are seeking resort-style master-planned communities where developers have invested in club houses, pools, walking trails and other activities that attract a diversity of ages. Other Boomers simply want to downsize to a smaller home since their adult children are out living on their own. Surprisingly, this scenario sometimes brings the Boomers and the Millennials into competition for the same type of home, even though the two generations are in opposite phases of their lives. Both Boomers and Millennials tend to be drawn to single-floor living without stairs, such as is found in sprawling ranch style homes of the 50s. “The size that a Millennial buys and the size that a Boomer buys is not wildly different,” Skylar Olsen, Zillow’s senior managing economist, told Business Insider recently. “Millennials buy a 1,800-square-foot home on average, and a Baby Boomer buys a 1,950-square-foot home. The other generations are away from those.” It is anticipated that 30% of homebuyers in 2017 will be Boomers. Quite often their finances give them an advantage over Millennials when it comes to closing.
Still other Boomers have left their single-family homes and are now renting apartments in modern high-rise buildings with resort-like amenities. The appeal of this scenario is the luxury upgraded finishes and appliances included in the smaller living spaces that require less upkeep. These Boomers appreciate the fact that hair salons, pools, gyms, shopping centers, and restaurants are all within convenient walking distance—they can basically go car-less. Concierge and hospitality services are available when they need them. They enjoy the interactive lifestyle present in a multifamily building where planned monthly events helps them easily socialize and make new friends, which may not have been possible in their previous situation. And now they are living mortgage-free.
On the other hand, many Boomers have decided to remodel their existing homes so they can continue to live in their well-loved neighborhoods. They feel comfortable at familiar shopping, dining, and entertainment locations. They value the relationships they have developed over the years with their neighbors, church members, and doctors—they prefer not to go back to square one at this time in their lives. The homeown-