It’s inevitable that as more boomers retire, the more we’ll see those lightly-maintained-and-home-depot-upgraded houses hitting the market.
Hattip to daytrip for sending this in:
https://www.bloomberg.com/news/articles/2017-01-06/older-americans-are-retiring-in-droves
An excerpt:
Whether a larger share of senior citizens had previously been incented to remain in their jobs by higher wages or by a need to keep working in order to rebuild their nest eggs after the financial crisis is still an open question. But the recent non-farm payroll reports affirm that the secular trend of rising retirements can only be delayed for so long.
Boomers – would you move if you just had a place to go? Start here:
https://www.bubbleinfo.com/general-information/where-to-move/
Consider Lake Arrowhead. While it used to be referred to as “Switzerland of the West,” Lake Arrowhead may be So. Cal boomer’s “Oregon for People Who Don’t Want to Move to Fricking Oregon.”
Talk about pent-up demand for housing: 40% of young adults (ages 18-34) were living with their parents in 2015, which is a 75 year high. “The number of adults under age 30 has increased by 5 million over the last decade, but the number of households for that age group grew by just 200,000 over the same period, according to the Harvard Joint Center for Housing Studies.” Housing starts have basically kept pace with household formation, but are unprepared if these people suddenly decide to move out. Where are they going to find the inventory to buy, even if they wanted to?
Sure enough, at the other end of the aging process, housing is not adequate for the increasingly old Boomer population. The baby boom generation over the age of 65 will grow to 79 million, from 48 million, in the next 20 years. An aging population will mean increased demand for affordable, accessible housing over the next two decades that isn’t available in the current market.
Except that once retired one need not live in the same town or even state as when working. You see this perhaps more on the east coast with folks moving to Florida from the NorthEast than on the west coast. But you do see moves from Ca to Nv and UT for example.
The best kept secret in Cali is in No Cal for boomers. Its called Rossmoor and is a vibrant resort type area located in Walnut Creek. Close to San Francisco, Sausalito, Carmel, Lake Tahoe and wine country!! Are you kiddin me?? or can check it out at Rossmoor.com or my company website at rossmoorrealty.com. I happen to live there so my opinion is slightly biased. Sorry for the commercial JTR.