11 Apr Boomer Housing Trends that Acre Saw Coming
We swear we didn’t write it, but this recent article from U.S. News & World Report reads like an ad for an Acre home. According to author Tom Sightings, 4 of the top 7 home trends Baby Boomers are looking for are features we’ve been busy developing.
1. Boomers want to pay off their mortgage. Most baby boomers, especially older boomers born before 1955, own their own home. They’ve been paying a mortgage, faithfully and relentlessly, for most of their adult lives. For these people, a primary goal is to finally pay off the mortgage and own their home free and clear. For many, paying off the mortgage is an important threshold – a crucial step they feel they need to take before they can even consider retirement.
2. They want to lower their housing expenses. It’s not just the mortgage. For many boomers, the equity they’ve built up in their home is the largest asset they have. According to a recent Merrill Lynch survey of 6,000 adults, on average, home equity among homeowners age 65 and older is more than $200,000. Many boomers look forward to moving to a smaller house or a less-expensive neighborhood to free up some of their equity to pay for travel, medical expenses, home renovations or other “extra” expenses they know they’ll face at some point in the years ahead.
3. Boomers want more convenience. Most boomers have “been there, done that” with older homes that have history and “character.” They want modern appliances, energy-efficient doors and windows, spacious kitchens, an open floor plan with lots of light and fresh, new décor. Boomers are done with the “shabby chic” look of the 1990s. And a lot of them, suffering from bad ankles, bad knees and bad hips, are opting for one-story housing.
6. Boomers want to remain on their own. According to the Merrill Lynch survey, only about 10 percent of baby boomers say they want to move to any kind of retirement or age-restricted community. They instead want to stay in their own homes, in their own neighborhood, with their own friends, and if they think they might need help with personal care – or if they need extended care – they’d prefer to get all those services at home.
The author concludes: “even homebodies expect that they’ll likely sell their old suburban home and move to new quarters, which may be less expensive, more comfortable and more appropriate for their new stage of life as retired empty nesters.”
In short, they’re looking for an Acre home.