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January 10th, 2017 7:26 AM

Barbara’s Blog:

Younger baby boomers (ages 51-60), older baby boomers (ages 61-69) and the silent generation (ages 70-90) comprise 40% of all home sales.  They all have one thing in common when it comes to the type of home they are buying:  if looking for single generation family dwellings, they are going smaller.

On average, seniors are looking for smaller houses, condos, townhouses and apartments – unless they are providing a home for multiple generations.  Often, the driving forces for these groups are proximity to family and friends, the desire to own a home of their own, and a retirement-driven change of living locales.

Younger boomers are more likely to purchase multi-generational homes to accommodate their status as the “sandwich” generation, with adult children and aging parents residing in their home simultaneously.  They also have the most income and are more likely to make job-related moves than older buyers.

Older boomers are more likely to move farther away than the other two groups of senior buyers, and they most often buy for retirement.  On average, older boomers plan to live in their house for 20 years.

The silent generation are most likely to move into some type of senior housing, are the least likely to purchase a single family detached home, and often make their move to be closer to family and friends. These oldest buyers and sellers are typically more satisfied with their choice in the change of housing and lifestyle and this is usually their last move.

So, depending on what age group, seniors are “on the move” in one way or another and Davenport/Polk County have something for all groups to consider.

Written by Barbara Doeringer

Posted in:Real Estate
Posted by Allen Doeringer on January 10th, 2017 7:26 AMPost a Comment

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