The Great Housing Hand-Off
Boomer… meet Millennial, Millennial…meet Boomer. Actually, you already know each other because these are your children, or, these are your parents. But do you know each other in the homeownership sense?
It’s called the “Silver Tsunami,” as aging Baby Boomers enter retirement and life transitions. Until recently, Baby Boomers, born between about 1946 and 1964, were the most populous generation in America. They have huge amounts of home equity, and their homes are becoming a drag. Although most seniors 1st choice is to age in place, many will need or want right-sized homes, assisted living facilities, or active adult communities with lots of amenities. Jefferson County is home to the largest senior population in Colorado and a large number of homes built in the 50’s, 60’s and 70’s during a time when the West Denver suburbs exploded with growth.
Meanwhile, in 2015 Millennials overtook the Baby Boomers as the largest generation in the United States. Millennials, now aged 17-36, are at the prime age for becoming first time home owners, but their homeownership rate is sagging due to the lack of affordable entry-level homes, substantial student loan debt, a lag time in economic vitality due to many beginning their careers during the Great Recession, and doubts about the benefits of home ownership. Those doubts come from witnessing the mortgage and housing collapse of 2007-2009, and a strong desire for greater freedom and mobility. That said, most Millennials do have a goal of becoming homeowners at some point in their lives. This combination of an aging population with a high homeownership rate, and an emerging population needing entry level homes, presents a tremendous opportunity for a large scale housing handover.
As Boomers let go and Millennials take hold, The Great Housing Hand Off can-and will-happen!
Home falls are one of the most dangerous and health damaging experiences that a Senior can have. Click below for this great guide from the Center For Disease Control and Prevention.