Millennials may be starting to step into the housing market, but affluent, active Baby Boomers are ready to upgrade their homes and live out a leisurely retirement. There’s been plenty of focus on the Millennial generation and the housing market—discussion of whether they want to be homeowners, how likely they are to purchase homes, whether student loans are holding them back, and more.
However, the Baby Boomer generation is not to be ignored. Not only are there more than 75 million of them, according to the National Association of Realtors (NAR), but more than 70 percent of them will be changing their current housing situation “really soon,” according to NAR.
NAR cites a Nielson report that says Baby Boomers make up 70 percent of the nation’s disposable income and will inherit $13 trillion in the next 20 years. This still active demographic is not interested in retirement homes, and instead of downsizing as their children move out, many are looking to upgrade their homes. About 70 percent of Baby Boomers wish to upgrade, and many prefer new construction, according to NAR.
The boomer generation is more active than generations past, and has more sophisticated style and wants options and choices in their homes,” the National Association of Home Builders (NAHB) reports.
Baby Boomers Seek the Following Amenities in Their Homes (according to NAHB)
• Tech/Media Centers—This group is tech-savvy and wants top-of-the-line technology.
• Home Offices—Many Baby Boomers are working past age 65, and many will work part-time or work some from home.
• First-floor Bedrooms and Bathrooms—Avoiding the retirement home, Baby Boomers often prefer first-floor master bedrooms for easy access as they age.
• Large Windows and Bright Lighting—Bright lights are not only welcoming but are better for aging eyes.
• Large Master Bedrooms and Closets—Affluent Baby Boomers seek spacious living.
Marketing to Baby Boomers
• Don’t tell them they’re “old.”— Many Baby Boomers are living active lifestyles and looking forward to accomplishing more in their lives. They do not consider themselves “old” and don’t want others to either, according to NAR.
• They’re tech-savvy, but they aren’t on Snapchat.—This generation has embraced social media, especially the younger Baby Boomers, but they are generally sticking to Facebook and occasionally Twitter, according to NAR.
• Pick up the phone.—Digital Media may be the way of the future, but the phone still has its place, according to CIO.com.
• Encourage referrals.—Baby Boomers are brand-loyal, and they like personal referrals. Make sure to cater to your Boomer clients, and they may help grow your business through referrals.