Most baby boomers want to age in place in their own homes.
However, for those who want to downsize, move to be closer to their children and grandchildren, or move to a different community, they may have difficulty.
Baby boomer may not be able to find the type of housing or the location they want in certain U.S. markets in the next five years, according to a study by Epcon Franchising, a company that sells franchises for housing development.
The potential housing gap could be more than 260,000 in the top 10 ranked markets identified in the study as follows:
- Dallas-Fort Worth
- Houston
- District of Columbia
- Atlanta
- Miami
- Denver
- Seattle
- Phoenix
- Austin
- Minneapolis-St. Paul
Income, age, presence of children, homeownership rate, cost of living, and urbanicity – the degree to which an area is urban – were taken into consideration in the rankings.
Baby boomers want to move to locations closer to the urban core and want to live in residences requiring less maintenance, the study found. They also are more likely to live close to attractive attributes that suit their standard of living.
The study estimated that adults 55 and older will make 52 percent of new home purchases within the next five to 10 years.
