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The generation born following World War II has had a major impact on the U.S. economy and housing market over the past several decades, and the next decade will be no different as Baby Boomers enter their golden years. True, many Boomers have had to adapt their retirement and housing plans to new financial realties after the financial crisis and housing crash, but they will still account for nearly $1 out of every $4 spent on home purchases and rent in the next five years.
But don’t expect this generation to stick to the script when it comes to retirement and housing decisions. Our research reveals that not all Boomers are looking to downsize to a condo in Florida and spend their days golfing. Most plan to age in place, but many will move into larger homes and take out new mortgages to do so.
The Demand Institute surveyed more than 4,000 Baby Boomer households (50- to 69-year-olds) about their current living situation, moving intentions, and housing preferences, as a part of a broader initiative to understand where future home and community demand is headed.
Are all Boomers making the most prudent housing decisions as they approach retirement? Not necessarily. Regardless, their decisions will have important implications as this generation, once again, does it their way.