Baby Boomers Downsizing

The last few months I’ve been visiting some new urban developments around town just to get a general idea of the types of buyers that these projects were getting and I noticed a common theme. At 1^st I thought that most of the buyers would be from Gen X and Millennials but it turns out that many of them are also Baby Boomers. So I asked a few why it appealed to them and here are some of their reasons why they are selling their old suburban homes and moving to new quarters that are more appropriate for their new stage of life as retirees and empty nesters.

1. They want a smaller mortgage. Now that the kids have all grown up and moved out, they no longer need to hold onto a large family home. They can use the equity that has built up over the years to get something smaller that has a smaller mortgage payment.
2. They want less upkeep. Many boomers want a smaller home that has very little to zero maintenance in order to free up time for travel and other relaxing fun activities.
3. They want to be able to walk everywhere. Having spent half of their lives shuttling the kids around and commuting to work, Boomers now want to be able to just walk out their door to the closest grocery store, restaurant, bar, or coffee house around the corner.
4. They want a lifestyle upgrade or change. Now that they have more time for themselves, they can relocate to new neighborhoods that have the lifestyle amenities of their choosing such as a condo near the beach for all the beach activities or a condo that is right next to a golf club.