Hi Readers! I saw a cute t-shirt the other day that said,
“It’s not an empty nest until all of
their stuff is out of the attic!” So true.
Often, the empty nest becomes a “cluttered nest” when grown children move
back into the home. Don’t want the
kiddos to return? Move to a smaller
place. But this is easier said than done
and often, prohibitively expensive.
A recent article in the Wall Street Journal by Nancy Keates illuminated a trend in baby boomer empty nesters downsizing into smaller, more expensive, city condos and co-ops instead of traditional suburban neighborhood settings. Some examples were couples in Denver and New York City who wanted younger, hip neighbors in diverse areas downtown.
A recent article in the Wall Street Journal by Nancy Keates illuminated a trend in baby boomer empty nesters downsizing into smaller, more expensive, city condos and co-ops instead of traditional suburban neighborhood settings. Some examples were couples in Denver and New York City who wanted younger, hip neighbors in diverse areas downtown.
While the WSJ article
focused on baby boomers, the article discussed people who were also not boomers
but older adults who want a non-traditional empty nest. Baby boomers were born post WWII from 1946-1964
and represent the largest birth cohort in U.S. history. There are approximately 75m boomers who began
turning 65 on January 1, 2011, and some of them are now “older adults.” For purposes of research and academics,
gerontologists place older adults into four age categories. Older
adults are all people age 65 and older.
Subgroups are young-old
[65-74], old [75-84], oldest-old [85-99], and centenarians [age 100+]. Gerontologists categorize them, typically
because the needs of the oldest-old are vastly different than the young-old.
While the WSJ article
was interesting, I wanted to know more about empty nests and relocation trends
in non-metropolitan areas. The journal, Custom Builder (2009), had an
interesting article by Stephen Stephani about dilemmas for boomers who want to
downsize. Because many empty nesters are also older adults, the article is
relevant to both cohorts. The article had a lot of tips for builders and
realtors whose clients are building a new home or looking for an existing one. Downsizing is an opportunity for builders and
realtors, as we expect that in the next ten years, millions of baby boomers and
older adults will want to move out of the family home to a smaller one. Builders face four dilemmas when dealing with
empty nesters:
1. Physical: Empty nesters say they want a small
lot, smaller home, low maintenance, and one level. Not gonna happen. This is not realistic. They have large furniture [grandma’s dining
table and hutch] and they want a guest room for company.
2. Financial: They want one-story ranchers. Not practical. One story homes are more expensive to
build. It takes a larger lot, more roof area,
and the perimeter landscaping must be maintained. Also, smaller does not mean cheaper. Per square foot, smaller homes cost more to
build. And then there are the high-end
finishes… granite countertops, custom closets, travertine flooring, triple
crown molding, commercial kitchens, and the list is endless.
3. Emotional: Leaving the “old family home” is
difficult. Older adult and boomer
empty-nesters constantly compare their old home to the new home. There is an emotional tug. Clients need to be reassured that the new
home will also have lots of memories.
4. Social: When clients drastically downsize,
they feel “degraded” because they may identify with the big home in an upscale
neighborhood. Builders and realtors can
help the client manage their feelings by focusing on the low maintenance
features of the new home and the freedom resulting from less time spent on
maintenance.
Check out the article,
the slide show, and the video. Enlightening! More later.
AgeDoc
References:
Keats, N. (2013, August 9).
Hip, urban, middle-aged. The Wall
Street Journal, pp. M1, M4.
WSJ Article:
WSJ Slideshow:
WSJ Video:
Stephani, S. (2009, April
30). Boomers’
downsizing dilemma. Custom
Builder. Retrieved from http://www.housingzone.com/boomers-downsizing-dilemma
