55+ Living Guide Spring 2019 55 LG SPRING 2019 JOOM | Page 38

heads of household and, now, as the largest class of retirees the country has ever seen. Along the way, this generation has also left a physical imprint on the American landscape with potential impacts as long-lasting as many of the social changes boomers brought. In the 20 years between 1990 and 2010, these consumers were at their peak family size and peak income. And suddenly, there was massive demand in America from the same kinds of people for the same kinds of housing: big, large-lot single-family homes (often in suburbia). In those two decades 75 percent of demand for new housing con- struction in America was driven by this trend. Looked at another way, in all that time there was virtually no demand for starter homes. Now, baby boomers are moving on. They want to sell their homes, and they’re hoping there are people behind them to buy their homes. Ok, if there’s 1.5 to 2 million homes coming on the market every year at the end of this decade from senior households selling, I ask, “who’s behind them to buy? My guess is not enough in some market places.” According to data from an American Hous- ing Survey, from 1989 to 2009, 80 percent of new homes built in that era were detached single-family homes. A third of them were larger than 2,500 square feet. Now the ma- jority of new housing demand will come from the people who bought these homes, now empty-nesters/retirees, wanting to downsize. A vast majority of today’s households with children still want such houses. But about a quarter of them want something else, like condos and urban townhouses. That demand used to be almost zero percent, and if it’s now 25 percent, that’s a small share of the market but a huge shift in the market. And this is half of the reason why some baby boomers may not find buyers for their homes if they wait too long. Even if the numbers matched, the preferences don’t. As people get older, their likelihood of moving gets higher and there could be two classes of seniors in America: those “aging in place” voluntarily, and those “aging in place” involuntarily because they can’t sell their homes. That all said given the current inventory of homes on the market as well as the reason- able interest rates and the quickly approach- ing spring market. This may very well be the perfect time to consider your next move. 38 We Did It! So Should You! We love having more time to enjoy life, with less work. The Time is Now. Put Howard Hanna to work for you! Local Expertise • Global Reach • Personal Service • Leading Technology Call Today 518-583-7268 28 Division Street • Saratoga Springs, NY 12866 This is not meant as a solicitation, if you are currently working with a Realtor, please disregard. All information deemed reliable but not guaranteed by Howard Hanna or its agents/employees. 55+ Living Guide Magazine Readers We're looking for your story! Help us to define what Life After 55 is. We're seeking article submissions that relate to the 55+ community and shared experiences that may be inspirational, informational, educational, or humorous. Please email your story and contact info to: [email protected] 55 + Living GUIDE May–August, 2019 Please include in your email subject: "Story to Share" Before writing or submitting the full article, please let us know what your story is about. We'll look forward to hearing from you!