If you been following the blog and housing market in general since 2016 then you’re well aware that the volume of available homes has been on steady decline. People are choosing to move less frequent and are comfortable with their current living situation and the biggest demographic not moving is the Baby Boomer Generation.
Baby Boomers, or Boomers, are defined as people born between 1946 and 1964 – pretty much Gen X’s parents. This demographic has had a lifetime to work, raise a family, and pay off a house (s). And guess what? According to PBR.org there are 76 million Baby Boomers living in the United States and they’re facing tough decisions as they get older.
One of those big decisions facing those 76 million people is their living situation.
Baby Boomers have lived long, great life and have paid off a house(s) and now that great house of 30+ years is no longer a good fit. A house that was great to raise a family now is too large, the stairs are becoming harder (and unsafe) to navigate, and is far more effort and energy to maintain.
So why aren’t Baby Boomers moving? To sum it up:
- Their Current House is Paid Off
- The Current Housing Market is too Expensive to Buy
- Lots of Fear Spending So Much Money in Their Later Years
Those are 100% legitimate reasons to stay in a home; however, that existing home is just not a good fit anymore.
In the coming posts, we’ll be discussing how Baby Boomers can set up a plan on how to take the fear of the move and do in financially beneficial manner.