The New Empty Nesters
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The kids are finally out of the house. They are in college, finished with schooling and starting careers or married and starting families. History would predict it is a good time to downsize. Current real estate figures, according to AARP, dispute that former trend.
Instead, there is at least a percentage (up to 30%) of empty-nesters who are not downsizing, but in fact are in some cases buying bigger properties than they raised their own kids in. The trend explains how the population of baby boomers (born between 1946 and 1964) is approaching retirement.
Working longer. Many boomers are working longer extending their careers by working from their homes or establishing a second career based from their homes. Extra space for home offices or work space is needed.
Staying healthy. Boomers are healthier and more active than their parents were at their age. They mean to stay that way. They need more room for exercise equipment and storage for recreational equipment like bicycles, skis and golf clubs.
Grandkids. Being a big part of their grandkid’s lives means having the room to host their kids and grandkids in a comfortable way. In some cases that means more bedrooms and recreational spaces rather than less.
Parents. Taking care of their own aging parents is an increasingly big responsibility for the baby boomers. Even with long term health insurance, most will remain in their own home or living with family using part-time support care.