Baby Boomers Are Retiring Sooner Than Anticipated
A Baby Boomers survey done by PulteGroup, Inc. that said Baby Boomer are planning to retire earlier than expected. The average age of retirement is now 63.7 vs the expected 65 in 2013. 33% of these retirees will purchase a new home specifically for retirement. One third of them will downsize and move to a specific geographic location to be near family.
Popular areas in the US are Arizona, Florida and Colorado. In these areas, there is a huge real estate opportunity for downsized housing meant for these Baby Boomers. These areas offer peaceful lifestyles but with ample public amenities to attract the Boomers that are looking to settle in.
Did you know that most 65 year old’s are expected to live at least an additional 20 years, there is now time for retirees to purchase a new home in full. These Baby Boomers are active, motivated and have a generally good retirement savings. MassMutual reported that the average 401(k) in 2017 was $97,700 for these retirees. The average IRA account help $100,200.
So how can you as a property owner capitalize on this opportunity?
You can work with a Property Management company to help you split multi family homes. Retirees usually need much less space than younger families or first-time home buyers. Generally, they are also more likely to be a quite, low maintenance tenant. You might be able to rent a multifamily home twice to multiple retirees.
Turning your properties into a focused retirement property could be a great option for you.
Perhaps you aren’t a Property Owner yet but you are thinking about it. Baby Boomers want to live near family, golf courses, clean parks and easy-access stopping. Finding homes, condos and apartments like these may be a wise decision in the next few years. We can help you locate prime areas to invest in.
Looking ahead to your future, investing in a Baby-Boomer retirement home or homes may be something you want to do and we’d love to help you management that property, taking the headache out of tenant management.
All my best,
Picket Fence Properties, located in Windsor, CO is Northern Colorado’s Top Notch Property Management company helping owners with their rentals, income/investment properties and vacancies in Northern Colorado. Are you a owner of a home for rent or that you’d like us to manage? We help you have the perfect tenants in NoCO. Are you looking for somewhere to rent in Greeley, Loveland, Fort Collins, Wellington, Eaton, Evans, Windsor, Frederick, Firestone? Look no further, we have all your real estate and rental needs covered. Check out website for vacancies today.