January 15, 2023

How the COVID Pandemic Has Impacted the Housing Market for Baby Boomers

Downsizing to a smaller home means less upkeep, lower bills and more time to do the things you love. However, downsizing isn’t the cash grab it used to be. With higher home prices, rising mortgage rates and costly moving services, some baby boomers are choosing to upgrade their homes rather than downsize them. 

Let’s learn more about how the COVID pandemic has impacted the housing market for baby boomers so that you can reassess your next chapter! 

Greater need for in-home offices. 

Even though baby boomers are of retirement age, many are still in the workforce. According to reports, almost half of baby boomers are still working past age 70. This generation sees working longer as the key to a secure retirement. 

The good news is that many older adults are able to work from home. The pandemic pushed this trend forward, and it actually turned out to be a smart and profitable decision for many businesses. As a result, some older adults want homes that can accommodate an in-home office, preferably on the first floor. 

Need for more space, not less. 

Zillow research found that nearly three million young adults moved back home during the pandemic. That likely delayed downsizing plans for some older adults who suddenly had a full house again. Even though many young people are now moving out, this has changed the way people look at their homes. 

Instead of downsizing, some older adults have decided to remodel their homes or buy a new home with an open floor plan and extra bedrooms. This way, the home is easier to maintain but still offers enough room for adult children to stay. 

Desire for an easier commute. 

With so many baby boomers in the workforce, it’s not uncommon for them to drive to work at least some of the time. But with rising gas prices, higher car prices and increasing interest rates, people are rethinking their commutes. 

For instance, we’re seeing more older adults move to new homes to enjoy a shorter commute. This saves money, alleviates stress and puts more money in their pockets. It also makes it easier to work longer, something that is important to boomers. 

Accommodate changing lifestyles.  

Realizing that life is precious and uncertain, older adults are rethinking their idea of ‘home.’ Many are choosing to move closer to their grandchildren, while others want a space that accommodates their interests – a large yard for gardening or a library for reading, for example. This is also a good time to choose a property that is one level and easier to maintain. 

As you can see, older adults are still moving, but they might not be as interested in downsizing as they once were. If you are thinking about selling the family home, contact 4 Brothers Buy Houses for a free cash offer. The cash you receive will make it easier to buy a home that is conducive to your current lifestyle.