December 26, 2008

The Shift Gray: How Boomers Will Transform Growing Older

Boeing 777-200ER Economy Class

Image via Wikipedia

Shifts in the economy mean shifts in the balance in power - and travel patterns - between nations. The current economic shift takes place at a time of historic age reversal in populations where older citizens outnumber younger working age adults.

Many are turning their attention to addressing a situation that is already upon us as in How Boomers Will Transform Growing Older in America Part 1 and Part 2. Rita R. Robinson summarizes the presentation of several speakers a the recent Pig in the Python: Design for Aging Forum.

The Mature Market adds the following on this demographic:

Fallout from the current economic situation in the United States includes the observation that homes are now more affordable. In the third quarter of this year (July-September), 56.1% of all homes that were sold were affordable to families earning the national median income of $61,500. At the peak of the housing boom, 40.4% of families could afford homes (National Association of Home Builders/Wells Fargo Housing Opportunity Index).

This is good news for Baby Boomers who are thinking of moving.

SURVEY: Telephone interviews were conducted with 1,273 people ages 45-64 in the United States.

FINDINGS: Most respondents (79%) said they would like to stay in their current home for as long as possible. About one-quarter (26%) expect to move from their current home in the future, often looking for a better house, a better climate or a home that is closer to family and friends. More than half of those Boomers (age 45-64) planning to move expect to look for a home that is all on one level (59%), newer (50%) or smaller (49%).

Boomer men are more likely than women to believe they will move into a newer home (61% vs. 42%) or move into a home in a warmer or better climate (41% vs. 25%) Boomer women are more likely than men to think they will move into a smaller home (54% v. 41%). While Boomers will reflect the patterns of earlier generations and mostly age in place, said Elinor Ginzler, senior vice president of AARP, the sheer number of Boomers will increase demand for a whole variety of home and community options.


Posted by rollingrains at December 26, 2008 09:35 PM