Baby boomers, born between 1946 and 1964, are the nation’s second-largest demographic group - reaching retirement age in record numbers; 10,000 are turning 65 every day. They may be getting older, but remain very active, and make a huge impact on the U.S. economy. Working longer in their lives than generations past, they are not adhering to the traditional retirement patterns of their predecessors. This affects their housing needs and demands.

Wanting a change in lifestyle, boomers are in two camps when it comes to their housing needs, either wanting more space, or looking to downsize. Many want to renovate existing homes, but realize that the cost is prohibitive.  Both groups are educated buyers and know exactly what their needs are.  Home builders are doing their best to satisfy,  and are starting to construct smaller homes with amenities that suit those wishing to down-size.

The fact that boomers work past the age of 65 often means that they are working from home. They expect their homes to have an office, and need it to have more technical characteristics such as wireless home networks, remote lights etc. That said, they also prefer low maintenance homes and flexible living spaces. In anticipation of future needs, for instance, the need of wheelchair assistance, they expect wider doors and hallways and single- story buildings with larger bedrooms.

I stay abreast of boomer housing demands, new developments and trends in the Chicagoland suburbs.  Speaking of new developments, there is a new town house development right here in nearby Palatine. It’s called Newberry Lane and will offer 16 spacious units, many with first-level master suites.

Contact me for more details about this development, or answers to any questions you may have about downsizing or making a housing change. You can count on me for market expertise and attentive guidance.