Downsizing? Baby Boomers defy predictions

Facade of a large two storey home commonly called a McMansionIt’s unlikely that baby boomers thought about their latter years when they bought their dream home. But they are having to think about it now. The renovation industry is due for a boom, particularly those versed in age-friendly universal design features. Housing experts predicted “the great senior sell-off”. But baby boomers aren’t downsizing – they are staying put.

Bruce Judd and his team at UNSW found that baby boomers like what they’ve got, and they are comfortable in their neighbourhoods. So retirement village living is less likely to attract. 

Mimi Kirk in a CityLab article looked at new research from Harvard Joint Center for Housing Studies that discusses issues related to housing type, affordability and the different expectations of millennials and boomers. One other reason for boomers not selling is that millennials are not really interested in the style of homes of their parents and grandparents own. There goes the myth that boomers are (selfishly) holding onto homes that millennials could buy.