The South Coast Real Estate Round-Up

Baby Boomers Facing Serious Housing Challenges

April 21st, 2015 6:26 AM by Christopher Terry

If you were born between 1946 and 1964 you are considered to be a Baby Boomer. As a group, Baby Boomers were the wealthiest, most active and most physically fit of any generation up to that time.

Are You a "Boomer"?

The term "baby boom" comes from the noticeable post-war birth rate increase. Seventy-six million children were born between 1946 - 1964 and are now entering into retirement years. Although the wealthiest group up until that time, as the baby boomer population rises, income for this group is declining.  Estimate to represent 73 million Americans by 2030, a rise of 33 million in just 20 years, this group is expected to bring about large numbers of lower-income adults causing concerns for home ownership and housing. In a Harvard Joint Center for Housing Studies it is expected that baby boomers earning less than $15,000 per year will rise 6.5% to 6.5 million. The majority of low-income baby boomers are already living in housing that is deemed "unaffordable" and in time this will only increase. This could mean that millions way be forced to rent or worse, default of payments and then not be able to find and obtain affordable housing and living.

What to do? 

It's not like we can't see this coming, but what can be done? I don't have the answers but I do believe change starts with us. I have met and spoken with developers who have tried to create developments that cater to this demographic but without greater support from the public few developers are willing to take on such risky and expensive endeavors. As "Baby Boomers" age into retirement it is our obligation to work towards ensuring they have a safe and affordable place to living and enjoy their "golden years".

Your Ideas, Comments and Feedback are Welcome.

Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.
Posted by Christopher Terry on April 21st, 2015 6:26 AM


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