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How Will Aging Baby Boomers Impact the Senior Housing Market The aging of the baby boomer generation means major shifts in the housing industry and real estate market. Not long ago, a report by the Senior Advantage Real Estate Council outlined many of the key issues likely to affect trends. As the baby boomer market approaches retirement, industries across the board are gearing up for major shifts in how they do business and how they court their target markets. With new business and marketing opportunities arising left and right, companies are understandably anxious to capitalize, but it can be difficult to predict what's going to happen next. Since baby boomers have spent their lives so far defying expectations, it's a good bet that a new mature market model must be introduced. One area that's sure to feel the thunder as baby boomers become the new mature market is the housing industry. The Senior Advantage Real Estate Council last year published a report forecasting aging baby boomers' impact on the senior housing market, highlighting unique home buying and selling challenges facing today's baby boomers as they segue into their senior years. "Today's baby boomer is far from the typical real estate client," said Nathan Booth, senior advisor to SAREC. "Many from this generation are experiencing the unique situation of becoming caregivers to their parents while raising children and planning for their own retirement." Born between 1946 and 1964, the baby boomer generation comprises some 78 million Americans now contemplating their senior years. In 2003, 41 percent of all home sellers were 55 years old or older. That number is expected to increase as more boomer homeowners become empty nesters. With large scale migration all but inevitable, intelligent real estate planning may be one of the biggest issues influencing baby boomers' financial security. It's not just their own needs the boomers must worry about, in many cases. Many baby boomers must also select appropriate living options for their parents, or at least lend support in what is often a very traumatic process for seniors. The report also revealed a notable increase in senior second home buying. This trend is expected to continue with the baby boomer generation, as an increasing number hit their retirement years. Unwilling to consign themselves permanently to an age-specific retirement community, many of those boomers who can afford it may seek to maintain two residences and move between them seasonally. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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