The Booming Housing Market for Boomer Retirees

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Once their grown children had moved away from the family home, John Goodman, 65, and his wife, Donna, realized they were ready to move on as well.

“We had an old 1940s, beautiful home, but we just didn’t need it anymore, and we didn’t need the taxes and the maintenance that went with it,” says Goodman, a PR rep.

But Goodman’s wife wanted to remain in the New York metro area to stay close to work and family. After spending several years looking for the perfect property, the couple settled on a brand new condo –with the master bedroom located on the first floor, so residents can easily age in place – just a mile away from the home they were leaving. They made the move eight years ago.

In addition to a senior-friendly design within the walls, the Goodmans’ homeowners’ association fees cover routine outdoor maintenance like gardening and snow removal, ensuring that the couple never again has to do the heavy lifting. “At my age, I have no interest in shoveling,” Goodman says. “This way of life becomes much more appealing as you get older.”

Goodman is among a new wave of baby boomers who are looking for housing solutions that allow them to age in place while maintaining an active lifestyle – and doing so well before they’ve reached their 60th birthday or hung up their work clothes.

The youngest of the 76 million boomers have begun turning 50 this year and 10,000 boomers per day will turn 65 from now through 2030. These demographics alone are driving the increased demand for 55-plus communities. The concept has gotten an even bigger boost in recent years as more boomers find themselves sitting on an empty nest in an active housing market.

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