According to several recently published articles, “baby boomers” are impacting the real estate market. The media is waving red flags over either the pending glut of homes in retirement communities or problems caused by “boomers” aging in place. (see the article at bottom of post)
It’s true that many “boomers” are selling or thinking about selling the family home soon. Some moves are due to costs or lack of conveniences in older homes. The National Association of Realtors released its 2019 Home Buyer and Seller Generational Report highlighting some interesting facts. The one I found most helpful pointed out that 31 % of the older boomers lived in their homes for more than 20 years. That is twice the time of the average seller.
Boomers not moving as often is impacting both sides of the real estate market. While Greater Cincinnati doesn’t have huge senior communities like Florida or Arizona fewer number homes going up for sale impacts our local real estate market.
Think of your own neighborhood and how many people have lived in their homes for more than 10 years. If and when they start selling even Cincinnati could have pockets where the number of listings exceeds demand.
The second part of the “baby boomer” issue is the lack of affordable functional housing. Empty nester homes inside the I-275 loop are more expensive. Many seniors don’t want to relocate from convenient city homes to way out in the burbs. So they don’t move!
Any way you look at the local Cincinnati real estate market is impacted by “baby boomers”. The next few years may have a number of homes listed in areas loaded with older homeowners. Or the development and construction of “empty nester” dwellings in areas close to amenities and transportation. (Hopefully priced under $350,000)
How do you induce independent boomers out of older larger homes to move nearby into homes, condos, lofts (whatever) built or remodeled to handle aging in place?
New construction in the suburbs as well as closer to the city center takes time and planning. If our area wants to remain vibrant with continued growth it seems we need to challenge ourselves to find solutions.