Baby Boomers Don't Want Your Retirement Communities
PORTLAND, Ore. (TheStreet) -- Sorry, Generation X and millennials, but the house you grew up in probably isn't your parents' dream house. Neither is that retirement kennel you want to put them in.
As baby boomer parents stop being polite and start locking their now-grown children out of the house and calling real estate brokers, a survey discovers that they're ready to live on their own terms. According to the survey by Better Homes and Gardens Real Estate, 57% of homeowners ages 49 though 67 plan to move out of their current home. A full 70% of those who do believe the house they retire in will be the best home in which they have ever lived.
"Baby boomers are known for being a hardworking, trailblazing generation," says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. "As they have done with every other major life event, they are marching head-on into retirement with big plans and no desire to change pace."
Wow, even for real estate, that's a lot of flattery to heap on what's already a bloated pile of historical ego and overinflated cultural self-importance. But that's how you get a generation that throws around terms such as "retirement lifestyle" and "retirement lifestyle plan" -- which 49% of confident baby boomers say they already have scrawled out somewhere -- perhaps in a file on an aging Gateway2000 desktop or in that legal pad from the office supply closet that they used to "take notes" during the last monthly meeting.So what does a "retirement lifestyle plan" entail? Well, for one in four baby boomers surveyed, it means buying a second home to use as a vacation or guest house until they retire, at which point 69% are willing to make huge renovations to turn that house into their dream home. Meanwhile, a full 31% of boomers are more likely to sell their house now than they were five years ago. Not only are they confident in a recovering housing market (albeit one still fraught with foreclosures), but they're ready to pull the trigger before the economy decides to wipe out their equity again. Where they go from there is still anyone's guess. A full 39% want to live in a small town or rural community, while 26% want to fill in all of those empty-nest flats in amenity-laden buildings springing up in various U.S. cities. Only 27% would commit to a traditional 55-and-older retirement community, mostly because a full 72% would like to stay in the state where they live now.
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