It’s probably true that seniors are leading healthier, longer lives and will prefer to age-in-place – which will keep a limit on the number of homes for sale and temper any downdraft in pricing. What is worse is that the resulting back-up will cause others to stay in their current home forever too!
It was asked on Twitter, ‘how could homes prices get cut in half?’ I said, “Boomers die 10x faster”, which got my Twitter account suspended temporarily. Let’s see if they do it again!
Reader ‘just some guy’ sent in this UT article – an excerpt:
On Thursday, county officials announced that San Diego County has become the first county in the nation to have all 18 of its eligible hospitals receive the Geriatric Emergency Department (GED) Accreditation.
San Diego County is home to a large population of people age 60 and older, and that demographic is projected to continue growing over the next decade. Today, there are approximately 670,000 county residents in this age group, and by 2030, they are expected to surpass 900,000, said Nick Macchione, director of the county’s Health & Human Services Agency.
Seniors are more likely than almost any other age group to visit the emergency room. The county reports that each year, about 275,000 county seniors make ER visits, which leads to about one-third of all hospital admissions. “That is why it’s critically important to have all our hospitals that are eligible be geriatric certified,” Macchione said.
San Diego is home to 100s of thousands of 20-30 year olds who came here in the 1980s and 90s and are now seniors because they never left.
“On Thursday, county officials announced that San Diego County has become the first county in the nation to have all 18 of its eligible hospitals receive the Geriatric Emergency Department (GED) Accreditation.”
Take THAT, Florida!
What the Boomers are really going to need is good in-home care and help with errands and such as their kids will have moved out of state because they can’t afford to buy a home in SD.
Technology will keep SD livable for the elder cohort for decades. Future seniors won’t need “home health” because they will have automated home services. Roomba^3. They will also have driving assist and even self driving vehicles. And drone delivery and auto pharmacy. Remote diagnostics will be the norm.
Yeah, their kids are unlikely to moving into the old neighborhood. I don’t have an answer to that.
I have a nice home in Leucadia. My kids cannot afford 2+ million so we’re going to build them a 1200sf ADU on our property. Our lot is only 8000sf but still big enough for our kids to live. One day we will swap the big house for the small ADU too
People are going to need more liquid assets to stay retired or tap their equity. This area is not the Seinfeld’s Del Boca Vista condo land.
People are going to need more liquid assets to stay retired or tap their equity. This area is not the Seinfeld’s Del Boca Vista condo land.
I’ve been thinking the same for years, and that the boomer liquidations would provide a steady flow of inventory.
But it hasn’t happened, at least not yet.
This goes for all potential sellers: They have had a golden opportunity to get out with absolutely insane money over the last 1-2 years, yet they didn’t do it. The other obstacles must be too burdensome, and those haven’t changed (capital-gains tax, and finding a suitable replacement home being the two biggest).
Old people do not want to move, period. Too many memories, friends, familiar places. Most retired folks would rather live in their current home and live a humble existence than move for money & the unknown. There will not be a flood of retirees selling their homes, especially in coastal SD County, you can bank on that.
Thanks Joe!
Wait, nearly a million seniors in SD County by 2030? Get ready for the restaurant dinner rush at 4 pm…
Joe could be right, it’s a “til death do us part” relationship with their home in SD. Cue Jim’s Twitter comment….oldest Boomers are 76….
Get ready for the restaurant dinner rush at 4 pm…
LOL – could be an opportunity there!