Millennials, Meet Baby Boomers. Want To Swap?

Millennials, Meet Baby Boomers. Want To Swap?

Lucky for Millennials, their foray into home ownership coincides with the retirement of their parents’ generation, Baby Boomers.
Three-out-of-four individuals over the age of 65 are homeowners in California as of 2016, according to the U.S. Census. Most of these retirees will want to remain homeowners in retirement, minus the upkeep required by their suburban estates. Some will move out of state to low-cost areas like Arizona, Nevada and even Florida. Others will make the savvy decision to forego their suburban dwellings for low-maintenance condos closer to city centers and services — condos previously inhabited by Millennials, before they went looking for more space in the suburbs.
In some sense, retirees will simply swap housing with Millennials in what will be the Great Convergence. This demographic-fueled wave of home sales is expected to peak around 2020-2021.
Every part of the state is different. Keep checking my blog as I will keep a close watch on the housing data and forecast trends in the Bay Area.

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