They’re not a television sitcom or a throwback band, but the Baby Boomers are dominating demographic trends like no United States population group before them.
According to the United States Census Bureau, by 2012 there were 47 million Americans age 65 and older. That’s a large segment of the population whose consumer preferences can alter or affect businesses and industries.
The residential real-estate market is one of those industries absorbing and reacting to baby-boomer tastes. Boomers aren’t quite retirement age, but are headed in that direction and want to arrive on their terms.
Many boomers continue to work rather than retire. Some launch longed-for “dream” careers or enjoy fun part-time jobs. All three scenarios create higher incomes than similarly-aged people in previous generations. That gives boomers the freedom to relocate or to buy their “dream” home.
Boomers also like to travel yet live within reasonable traveling distance of family and friends. This means they need homes roomy enough to host the entire gang.
Who are these “Boomers?”
They’re unlike any other generation. Baby Boomers have grown up with amazing technological advancements, from witnessing NASA discoveries to adopting smart phones.
Most baby boomers aren’t stereotypical older folks who ask the kids for help in using digital devices. Like younger generations, boomers appreciate the fact that technology can make busy lives easier. They may have grown up with black-and-white television screens, but boomers appreciate the finer things. Boomers want new homes with security, lighting and thermostat systems operable at the touch of a keypad.
They have full houses
Boomers are comfortable with more than one generation living under the same roof. In many cases, it’s boomers who are still in the workforce caring for older parents. Adult children are also living with their boomer parents while job-hunting or in another transitional phase.
This is another stereotype to shed when considering Baby Boomers. Banish the image of gray-haired putterers rocking on the front porch. If the folks in those rocking chairs are today’s boomers, they’re likely to be enjoying a cold beverage and the opportunity to sit down after a long power walk, training run or bicycle ride.
Health also is important to boomers. Communities with recreational facilities or those near public parks and trails are attractive to home-buying boomers who want to stay in motion as they consider retirement.