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    Baby Boomers are Downsizing, Are You Ready to Move?

    Baby Boomers are Downsizing, Are You Ready to Move? | MyKCM

    For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame?

    Here’s what some of the experts have to say on the subject:

    Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.

    According to a study by Realtor.com85% of baby boomers indicated they were not planning to sell their homes.

    It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes? 

    Last month, Trulia looked at the housing situation of seniors (aged 65+) today compared to that of a decade ago. Trulia’s study revealed that:

    Although seniors appear to be delaying downsizing until later in life, as a group, households 65 and over are still downsizing at roughly the same rate as in years past.”

    Trulia also explains that, 

    5.5% of households 65 and over moved, pretty evenly split between moves to single family (2.7%) and multifamily (2.4%) homes. In 2005these percentages were virtually the same, with 5.5% of senior households moving, including 2.5% into single family and 2.5% into multifamily homes.”

    So, if these percentages are the same, what is the challenge?

    Recent reports tell us that the older population grew from 3 million in 1900 to 47.8 million in 2017.

    In addition, the Census recently revised the numbers from their National Population Projections:

    The aging of baby boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history…By 2035, there will be 78.0 million people 65 yearsand older compared to 76.7 million under the age of 18.

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    Lori Loesch

    Lori Loesch is our creative and joyful longtime Nashville resident. She has had a fascinating career that includes sales management, real estate, marketing, design and publishing. Lori is detail oriented and enjoys challenges and learning new skills. As a people person, she thrives on encouraging and helping others. Lori never meets a stranger and that is a wonderful skill to have in the real estate market. Lori joined The Milam Group in 2017 as the Marketing/Listing Coordinator. Her ability to design artwork, develop and implement marketing strategies, along with her curious spirit in the ever-changing world of social media, gives her an edge to make her the best Marketing Coordinator on the planet. “I enjoy going to work...not everyone can say that. Working at The Milam Group lets me be creative every day…and I love it!!! In the process, I get to help people and develop wonderful lasting relationships while working with an outstanding team of real estate professionals. I am truly blessed.” Lori was born in the Midwest, but spent her formative years in Florida. She and her musician husband, Joe have lived in Nashville for over 25 years. In her spare time, you will find Lori spending time with her family, working outside and involved with activities at her church. She is an accomplished inspirational artist and her artwork can be seen at LoriLoeschArt.com.

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