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How Boomers Retiring will impact Future Housing Market

The first of the baby boomers –those born after World War II through 1964 –turn 65 this year. Having helped fuel new housing construction, mostly of suburban-sized homes­, during their retirement years they are becoming larger-home sellers instead of buyers. At the same time, the number of new homebuyers is relatively smaller. This combination - downsizing boomers and a smaller group of new homebuyers – means fewer new suburban-lot homes will be needed in the county in the next two decades.

Aging boomers and other demographic and housing trends are addressed in a draft CARPC white paper, “Households and Housing Trends: Implications for Future Urban Development in Dane County, Wisconsin.  Among the findings:

elderly

Boomers projections

Gauging by the last 20 years during which some 29,000 homes were built on suburban-sized lots, this rate of new suburban-lot construction would create three times the amount needed to satisfy the future demand for larger lot construction.
Other factors seem to reinforce trends toward smaller homes:

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