What is Next For the Baby Boomer Housing Trend?
Baby boomers are changing their retirement lifestyles and creating new baby boomer housing trends! We want our housing to reflect our new active retirement lifestyle. We are not interested in senior housing with one-room bed-sits. We don’t see ourselves as growing old; we are just going through another lifestyle change. And we fully intend to keep ‘living’ in our retirement years. A recent study from the Conference Board of Canada predicts that by 2030 about 80% of new housing demand will be consumers in their retirement years.
Who are we? What do we want?
Research has shown that there is no typical boomer family unit. There is a lot of diversity within the Boomer Demographic: there are the Early Boomers (47-55) and the late boomers (56-65). Depending on our personal circumstances some of us are fully retired, others continue to work full or part-time. Many have second homes, such as cottages or winter homes in warmer climates where we spend a significant amount of time. Any and all of these factors will impact our choices and needs for the future.
Many of us have or will have the financial means to enjoy our later years, with sufficient income from pensions, savings and/or inheritances, to help us maintain our standard of living. Studies indicate that within a decade Baby Boomers (born between 1946 and 1966) will control 72% of the wealth in Canada, up from 62% in 2004. Unfortunately not all boomers will be able to enjoy the same degree of comfort. Some of us are still carrying large debt loads from earlier financial decisions. Recent changes in Mandatory Retirement legislation allow Boomers to work past the 65 mark, if they need or want to do so. 48% of Boomers want to continue to work. We plan to be in the work force for years to come and this will impact our decision on where and how we will live the last third of our lives.
Clearly there is no one size fits all solution for the kind of home or community Boomers want or need. But that doesn’t mean we don’t share some basic criteria on how we will evaluate or ‘next’ home.
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