The Future of Real Estate: Boomers

According to the US Census, the number of households with three generations under one roof and at least one member the age of 65 and over has grown from 1.7 million in 2006 to 3.2 million in 2016.

At this month’s Business of Home Conference speakers from Curbed and Zillow, talked about how these multi-generational homes are impacting the future of real estate.  Referring to the large number of boomers moving into senior communities as the “silver tsunami”, they defined what’s trending with the Boomer market.

Boomers are:

• Renovating their homes with “Aging-in-place” at the top of their list. These are homes that accommodate ALL generations. But taking it one step farther is that they’re also designing to meet the needs of parents with Alzheimers or Dementia. (more on both in future posts)
• Seeking more upscale senior living accommodations in urban areas.

Smart Home Technology was noted as being important to millennials…but I see that technology has become more user friendly to all generations. From Google Nest Hub to Siri to Alexa – it’s becoming a part of how we stay connected with family members.

So where are they going?

One speaker commented: “You’re going to see people who value quality of life, who want to be able to own a home or a business and do it affordably, looking at cities like San Antonio, Austin, Memphis, Louisville and Nashville as their best option,”    Those secondary markets are going to grow quite considerably.”

Continue to follow this blog for more on that in future posts!