In this Blog we report on the housing options facing one of the largest segments of the population about to retire, the baby boomer generation. Traditionally, there have been two, rather limited, options: move in with extended family or downsize and then move to a facility for aging in place. The Triangle area offers excellent access to healthcare, the climate is moderate, and many generations enjoy the lifestyle here, making it one of the places that multiple generations are calling home. But, when to make the choice to move smaller or move to a facility, is by no means an easy one.
According to Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR) "As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes." From our perspective as Realtors for buyers and sellers in The Triangle, after the Covid 19 pandemic, we are seeing a shift towards multigenerational living. However, many baby boomers still like the autonomy of living on their own terms. So how do you think when the smaller home is the best option?
Where you do not have the option for multigenerational living, or you simply would like to experience the most autonomy and a 55+ community is also not what you would like, downsizing is an affordable option. According to a piece recently in The New York Times, many retirees are also taking advantage of the housing market to help them retire early, because of the demand for homes. "Many downsizers expect to improve their retirement income stream if their new home costs less than what their old house sells for. Lower utility costs, insurance and property taxes as well as investment returns on the proceeds — can also improve the bottom line." In The Triangle we are seeing movements both ways. But downsizing now, and also knowing what you are looking for, is really important.
When you are looking for a home that will suit long-term needs, there is more to it than simply finding a single-story home. Wide halls, more lighting, and digital configurations that are voice-operated are among the recommendations for those looking to downsize and age in place. There are also the continuum living scenarios where you move into an age-restricted community and commit to a plan and buy-in. There are so many more options now in The Triangle and many of them have incredible programming with five-star food, lecture programs, and group trips, far beyond the local museum. People are rethinking continuum living and The Triangle is at the forefront.
If you are considering taking advantage of the Spring Selling Season, and want to know what you stand to gain from listing your home. We have over 60 years combined experience transacting in The Triangle and are also experts in 55+ living and continuum options, contact My NC Homes today.
Posted by Larry Tollen on
Leave A Comment