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Baby Boomers Make a Move to Urban Housing

June 28, 2013
From Loan Officer Eddie Kirby

From Loan Officer Eddie Kirby

There are 78 million Baby Boomers in the United States, and 10,000 of them turn 65 years old every day. In a group this large, there is no one single trend that defines them. They are very different from their parents, and so their retirement decisions look different too, including where they live. Many of them are selling their suburban or rural homes and moving into the city! What is inspiring this decision?

They have active lifestyles. Unlike their parents’ generation, Baby Boomers don’t plan to slow down in retirement. Many plan to keep working – in fact, they may have to work because 25% of Baby Boomer households don’t have enough savings to maintain their current lifestyle in retirement, according to the Congressional Budget Office.

The want to simplify their lives. Many Baby Boomers are ready to give up the larger home, two-acre yard and all the work it requires. They are seeking both community and convenience, which a walk-able urban neighborhood provides.

They need to minimize expenses. The house, even if it’s paid off, can still be expensive, with ongoing maintenance, property taxes, homeowner’s insurance, lawn care and more. By selling and moving to a condo they eliminate the expense of owning a single family home and also free up cash by accessing the equity they’ve built up.  This is important, because just 17% of Baby Boomers are confident they’ll have enough to live on in retirement.#

#2013 Retirement Confidence Survey, Employee Benefits Research Institute

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