Transcript of "How will the baby boomers and shifting demographics affect real estate markets in the next decade?"
How will the baby boomers andshifting demographics affectreal estate markets in the nextdecade?EZ Landlord Forms
Increase Rental Demand• As Baby Boomers age theywill be looking for one-storyhousing options in safe,“walkable” neighborhoods.• Apartment andcondominiums will becomemore attractive as babyboomers age, given theirlower upkeep andmaintenance.
Increased Strain on Social Security• With so many babyboomers leaving the workforce, Social Security will bestrained to the limit.• Younger generations willfeel the extra strain of thebaby boomers on theoverall economy, fromgovernments’ budgetpressure to parentcaretaking costs to familymembers moving in.
Increase in Rentals• As baby boomers look to sell homes and downsize, they maybe forced to lease out their homes instead of selling, due totheir local economy and housing market.• It is important for baby boomers to protect themselves andtheir assets through lawful landlording and proper tenantscreening techniques.
Increasing Number of HomeRenovations• As some baby boomersmove in with their children,home renovations andadditions should see anincrease.• The in-law suite is growingmore popular nationwide,as an alternative toretirement communities.
Increase in Retirement ResortCommunities• As baby boomers retire, more retirement resortcommunities such as Sun City and The Villages will arisearound the country, particularly in retiree-friendly areas.• As retirees live longer they will look to enjoy their lateryears in these communities.
Increased Hospital Visits• As baby boomers age they will likely have to be admitted intohospitals more often.• Signing a residential lease with an assisted-living facility thatcan prevent some - and help expedite other – hospital visitscan extend baby boomers’ lives and relieve the burden ontheir children.
Increase in Homes for Sale• As baby boomers downsize to smaller homes and assistedliving facilities, more single-family homes (particularly multi-story and outlying suburban homes) will hit the market.• This will lead to higher demand for smaller homes closer tosuburban centers and high-end urban neighborhoods, and ahigher supply of larger, multi-story, outlying suburbanhomes.
Maintenance Costs• Many homes owned by older baby boomers are in need ofsignificant updates and repairs.• Baby boomers should be prepared to spend significantmoney fixing issues with their homes before selling, if theywant to sell at top market pricing.
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