Twin Cities Baby Boomers are redefining what retirement means, especially to them. They’ve been blazing trails and redefining social norms all their lives, so why would their silver years be any different? The surprise twist comes, not that Boomers are redefining Retirement, but what they are (and aren’t) doing to make retirement a fit ‘just right’ for themselves.
Baby Boomers value real estate much more than their offspring. That is something they’ve seen first-hand from their parents, Boomers feel it’s much better to own something than lease or rent. But what Boomers are not following is their parent’s retirement plans and agenda. It’s not ‘stop working and move far-away to a sunny warm place to live out their days’.
First big retirement difference, they’re not retiring. Well, in actuality, they’re not stopping working. Like the working-vacation, Boomers are seeking, and finding, a working-retirement. Baby Boomers prefer to continue working full time, maybe at a slower working pace, remaining on, at least part time, or as a consultant.
They’re also not moving far-away, or moving at all! There are just too many advantages to staying- put and not move on, just because it was the traditional thing their parents determined to do. (So Boomer, right? – And they wonder where the Millennials are getting it!) The commonality of Boomer’s moving decisions is to remain an active, contributing participant in their chosen community and be close to family members.
Baby Boomers Retirement Living are divided on one issue – working around the house. Those that are “so over the shoveling thing” or “spending my time or money on constant house needs” are going condo. No chores and the extra time and money is spent out and doing things. Minnesota Baby Boomers are competing for the same spaces in happening Twin Cities Areas that their Millennial offspring also desire.
Those Boomers that enjoy home-ownership responsibilities and want to continue (or ‘finally get to’s) are moving into single-family homes. There is an ease of living in a style of home they are most familiar with. In many instances Boomer Retirees (that’s as big an oxymoron as ‘working-retirement’), move across the street or just down the way to a home they’ve always had their eye on.
Condo or single-family home, and everything in-between, here is what Boomers value in their Later-in-Life Living Space:
Room for Grandchildren and Children to stay and visit – It’s especially enriching if they are in the same town, neighborhood or block because it’s full of rich memories for their children, and together both generations can build rich, full, memories with grandchildren.
Avoiding the Fears and Costs of Assisted Living – Baby Boomers foremost retirement concern is affording their long-term-care needs, and the ability to afford healthcare in the not-too-distant-future. With increased in home equity, Boomers prefer to own, and can enjoy the comforts of their own home, and maintain residency in it, for the accruing home values. Last year senior home equity reached a 5 year high in the Twin Cities. For seniors with their health and the means to remain at home, they also have the financial security of the anticipate gains in home equity for years to come.
Consumption by the Twin Cities Baby Boom generation is anticipated to have far-reaching implications for the Minneapolis real estate housing market. Baby Boomers are approaching retirement differently from their previous generation. Staying in and around the Twin Cities offers a sense of stability, security, and belonging they have always enjoyed compared to somewhere completely new. Recent housing reports show that ‘retiring’ baby boomers prefer close-to-home over moving to a less familiar location.