Baby boomers create new market for remodelers and movers

Baby boomers create new market for remodelers and movers

Approximately 76 million American baby boomers are approaching retirement age and are looking for new options for their homes as they get older, according to Baby Boomer Magazine.

The Joint Center for Housing Studies at Harvard University reports that homeowners over age 55 comprised a one-third of all home sellers between 1997 and 2007. Experts say this percentage will only increase over the next 20 years as more boomers retire.

In 2007, the average age of a home buyer was 35, and the median age of sellers was nearly double that at 68, according to AOL.

If boomers sell their homes and move, younger buyers are extremely likely to remodel those dwellings. If boomers decide prices are too soft to sell and stay put, they are likely to adapt their home for old age, adding in more lighting, elevators, and principles of universal design, according to AOL.

Owners who are taking over the baby boomer suburban housing market will likely be in the 35 to 44 and 45 to 54 age groups, according to the report. They will have higher income categories, making them a faction of the population that has historically spent the most on remodeling. 

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