PARAMOUNT MORTGAGE - LENDER'S BLOG

One in four boomers plan to move

Washington - A new study funded by AARP reveals that one in four baby boomer generation households (26%) expects to move from their current home in the future. The majority of these boomers will be looking for a single-level home that is more comfortable or convenient.

There are a significant number of boomers on the horizon; 78 million to be exact. The United Nations population division gauges that presently 8,000 boomers a day are turning 60. AARP's Senior Vice President, Elinor Ginzler estimates "the sheer number of boomers will increase demand for a whole variety of home and community options."

What types of housing and amenities will boomers look for?

Many will be looking for a better house, a better climate or a home that is closer to family and friends. More than half of those boomers (age 45-64) planning to move expect to look for a home that's all on one level (59%). About half said they will look for a newer home (50%) or a smaller home (49%).

The types of coveted amenities in these "boomer friendly" homes will range from larger faucet handles to wider doors to fake lawns. Baby boomers are looking for products that are easy to use, easy to navigate and easy to maintain. This is especially true as they prepare for the latest trend of "aging in place" in their new, smaller home.

Product manufacturers are stepping up with unique and innovative products.  Interior lighting will have bigger controls. Cabinet hardware will come with easy-grip handles. Bathrooms will have adjustable shower heads, seats and bars, and bathtubs with textured bottoms.

And for the ultimate boomer home option, don't be surprised to find a home elevator. An average unit price is $20,000, depending on product type, geographic location, building codes and labor costs.

Builders are offering them as an option now with new construction. "Homes with elevators draw a wider variety of buyers," states Stacie Sorenson, marketing director with Waupaca elevators.  "Any age level can benefit from a home elevator, from the high school student on crutches to young mothers with babies and strollers to older people with walking issues."

Read more about the AARP study: Boomers on the move
Boomer home trends: Age in Place