A recent report highlights a significant trend in the housing market, showcasing the diverging preferences of different generations when it comes to aging in place. While baby boomers are expressing a strong desire to remain in their current homes as they age, their children, primarily members of Generation X, are taking proactive steps to ensure that their future housing needs are met.
Data from 2021 indicates that a vast majority of adults aged 65 and older are choosing to age in place, representing an overwhelming 88%. In response, members of Generation X, born between the mid-1960s and early-1980s, are already contemplating their living arrangements for their later years.
Homebuilders are observing a surge in demand from Generation X buyers for homes that can accommodate natural aging. This demand appears to coincide with more members of Generation X nearing the milestone of becoming empty nesters, a typical tipping point for considering housing options for later life.
Generation X buyers are often in a favorable financial position, enabling them to have greater control over their housing choices. They are prioritizing access to health and wellness amenities in new developments, as well as selecting home features such as showers instead of bathtubs and incorporating the latest gadgets to assist with aging.
A recent report by the National Association of Realtors highlights that Generation X homebuyers have a median income of $126,900 and are still years away from retirement, allowing them ample time to accumulate further wealth.
These buyers are also capitalizing on the post-pandemic surge in home prices, resulting in significantly more home equity compared to their millennial counterparts. As of 2023, Generation X homeownership rates stand at 72%, overshadowing the 55% rate among millennials.
Analysts attribute the motivation of Generation X buyers to secure aging-appropriate housing to the current state of the housing market. With the tightness of the market and the increasing prevalence of remote work, many are viewing their home purchases as investments for the long term, further driving the demand for housing that accommodates their evolving needs as they age.
If you’re interested in learning more about how you can support aging safely in your communities or want to stay ahead of housing trends, consider joining the National Aging in Place Council (NAIPC). The NAIPC offers valuable resources, expert advice, and a community of like-minded individuals dedicated to making aging in place a reality for everyone. Visit the NAIPC website to join and become part of a movement that’s reshaping the future of housing.
For aging in place tips, tricks, and educational content, follow How 2 Age Your Way on social media.
Written by: Heather Brooks - How 2 Age Your Way
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