Statistics on Housing Trends for Retiring Baby Boomers
The start of each new phase in life brings with it the opportunity for ripple-effect change. Moving away to college, beginning a career, getting married, and having children are all commonly marked transitions that introduce many tangential opportunities for new lifestyle choices. A less frequently recognized but equally major new beginning is retirement.
According to Builder Online, the 2017 Del Webb Baby Boomer Survey found that 38% of respondents among America’s 80 million baby boomers plan to purchase a new home within the next three years. The top three reasons given for the desire to move include retiring (39%), needing to downsize (33%), and changing location (30%).
Of those planning to move, 26% plan to stay within the same city they currently live, and 34% plan to stay within the same state. Others are moving to be nearer grandchildren and other family members or warmer climates. (Texas, along with Florida, Arizona, the Carolinas, and California, rate as high attractions in this last category.)
What these Statistics mean for the Dallas Housing Market
What do these numbers mean for the housing market in Dallas, TX? For one, it means that Dallas will likely become a popular destination for home buyers. This is a safe claim since many retirees will seek to move to a different home in their own city and since others will move to the state to enjoy its warmth and family-oriented atmosphere.
For current Dallas home owners, this means knowing how to renovate homes to suit the retiring baby boomer population. Remodeling a home can be an excellent option if you’re approaching retirement and desire to alter your accommodations without going through the hassle of moving. It can also be a smart decision if you’re seeking to sell soon and want to capitalize on the upcoming swell in the home buyer market.
How to Add Value to Your Own Home Using these Upcoming Trends
So what are retiring baby boomers looking for in their new housing accommodations? The same study shows that the five “must haves” listed by those seeking to move are 1) a multi-car garage with storage, 2) an open deck or patio, 3) an open floor plan, 4) an eat-in kitchen, and 5) a small, private yard. (The three most-desired “community amenities” are access to water, green spaces, and grandchildren.) The good news is that all five of the above home alterations are relatively simple to achieve.
While you’ll of course have to research zoning laws and obtain city permissions to expand a garage for extra storage, the actual cost of this expansion is highly favorable compared to other home additions. Adding an open deck or patio to the home is also an easy and cost-effective way to boost your home’s value; this, combined with fencing in your yard and renovating for a three-seasons room accommodate the desires for private yard space and access to green spaces while preserving indoor comfort.
Of the above listed projects, remodeling a home for an open floor plan is perhaps the most complex, but even this adjustment may be easily made if you seek counsel from a contractor who can help you ascertain which walls are load-bearing and help you redesign your interior home space for better functionality and ease. This interior renovation is an excellent time to add in-kitchen eating areas, such as an adjacent breakfast nook or an island with barstools.
Every new phase of life should be carefully prepared for, and with approximately 30,400,000 retirees looking to change their residence within the next years, the time to prepare your own home is now.