Since we are not all psychic, there is no way to predict the future of the real estate/housing market. The “Baby Boomer” generation is a great indicator of financial trends, as their spending habits have been researched quite heavily over the years. Americans over the age of 55 are veering from previous generations, opting not to retire, but instead launching 2nd or even 3rd careers. They are shunning the traditional patterns of retirement, and that could have a big impact on their housing choices, thereby affecting the entire housing market.
Baby boomers are defined as “Americans born during the demographic post–World War II baby boom, approximately between the years 1946 and 1964.” They make up 1/4 of the population of the US and control about 2/3 of the single-family home equity in the nation! See why they are so important? Sixty-five-year olds who, on average purchased a home 35 years ago now tend to have a home value that is likely 3.7 times the purchase price.
Nearly 1/4 of baby boomers recently surveyed by Freddie Mac say they need major renovations in their current home in order to stay there as they age – and many say they face financial constraints to take on those remodels. The financial costs of outfitting their home with age-in-place features average $25,000-$50, 000.
As a result, about 18 million homeowners over the age of 55 may be shopping for another house in the next few years, according to the Insights Report. Unlike earlier generations, however, baby boomers' main reasons to move aren't due to downsizing. Instead, the survey showed the key influences making these generations move are: affordability of the community, the need for retirement amenities and a home with less maintenance.
Bottom line, the 55-plus population is likely to be an active part of the housing economy for years to come, and that is a great thing! If you are reading this and you or anyone else you know is ready, willing and able to purchase a new home/condo in the Pensacola area, please feel free to call/text or email me and I will be more than happy to assist you through the process.
Make it a great day!
Mandi K Willis, Realtor (904) 755-4795 cell / (850) 473-3983 office
A new article was released by GOBankingRates that compares the cost of renting to owning in all fifty states across the country.
According to the data provided by Zumper, GOBankingRates determined that the cost of renting is approximately $398 more expensive than the cost of homeownership across the state of Florida!
You can read the full article to see how each state compares. Renting is the more affordable option in 42 out of the 50 states!
We are seeing shrinking inventory in the Pensacola real estate market which is driving up both rental rates and real estate sales prices. Mortgage rates are still at historic lows making it more affordable to own your home than ever.
If you have been considering making the leap from renter to homeowner and purchasing a house in the Pensacola, Florid aarea, contact our office to find out your options!
Nicole St. Aubin, Realtor (850) 473-3983 office
- Pensacola Real Estate Market
- Baby Boomers
- Buying A Home
- Waterfront real estate
- New Construction
- Closing Costs in Real Estate Sales
- Senior Housing Communities
- first time home buyers
- Selling your home
- Buying a Home
- Pensacola Real Estate Market Analysis
- Baby boomers chart new direction in housing
- The cost of renting vs. owning your home
- Pensacola Waterfront Home for Sale
- Phases of a New Construction Home Build
- Mandi K Willis
- Mandi Willis
- Nicole St. Aubin
- Pam Brantley
- Mitch Adcox
- Rick Puckett
- Sheri Harris
- David Keen