A study of the Baby Boom generation by AARP and the National Association of Home Builders concluded that because the number of people age 65 and older will grow to 70 million by 2030, where boomers choose to live will have maximum impact on the housing industry.
While boomers will reflect the patterns of earlier generations and mostly age in place, said Elinor Ginzler, senior vice president of AARP, “The sheer number of boomers will increase demand for a whole variety of home and community options.
Here are some key findings from the study:
- 79 percent say they would like to stay in their current homes as long as possible;
- 10 percent say they would like to stay in their current homes, but don’t think they will be able to do so;
- 26 percent of boomers plan to eventually move from their current homes, with the majority seeking a single-level home that is both comfortable and convenient;
- 50 percent of those who plan to move want a home that is newer than their current home;
- 49 percent expect to downsize to a smaller home.
Source: The Chicago Tribune, Suzanne Cosgrove (12/21/2008)