The Boomer Housing Market Driven By Affordability

If you asked baby boomers what the most pivotal aspect of retirement planning was, most would say financial stability, and an affordable home. Whether it’s aging in place, choosing a destination near family, or living it up in an active lifestyle community, buyers want a home for the long term, and that means considering how that home will work for them in the future. Retiring should be all about fulfilling dreams, and embarking on this adventure called life. Keep it affordable with some savvy strategies so you can have your house, and live in it too.

Empty nesters, and retirees should consider if they really need to stay in their large family home, or if downsizing may offer some relief in terms of energy use, and future maintenance expenses. New roofs can set you back thousands dollars, is your nest egg set up for that?

Choosing an active adult community is a smart move for affordability, and sustainable living. Taylor Morrison’s NEXTadventure home has taken cues from 55+ home buyers asking them what they envisioned in their ideal home, and finding one at an affordable price point was a big determining factor. The beauty of opting for community life, is the housing types available to buyers. Manufactured homes shouldn’t be overlooked as as option. These days high quality construction, and aesthetically pleasing curb appeal comes at an affordable price. Some communities provide a land lease option to offset upfront costs. 55+ buyers may also want to consider apartment or condo communities many of which provide a maintenance free lifestyle.

Affordability extends beyond the purchase price. When boomers buy a retirement home, they want to put down roots, and when they’re living on pension, and social security, spending a fortune to maintain a home isn’t realistic. Green innovations such as solar panels, tankless water heaters, and Energy Star appliances help keep utility costs down, freeing up cash for what’s really important.

Buyers that want to stay in their current home may want to consider a reverse mortgage whereby they do away with a monthly house payment until the house sells, or the last surviving home owner has passed. A reverse mortgage gives boomers the means to renovate, pay off debt, or venture off to an exotic destination.