Years ago, the so called “Baby Boomer” generation defined the American Dream as having a house with a white picket fence. But now as this generation begins to age, retire, and downsize, the American dream has changed. It is now apartments that the Baby Boomers are moving to in droves.
Baby Boomers (those born between 1945 and 1964) love the apartment lifestyle, for many reasons. First off, many of them are retiring or are becoming empty-nesters, and they need to downsize. There is no need for them to upkeep a huge house – and they are keenly aware that this does not make financial sense either.
It is much better for them to be able to choose to live in a comfortable apartment home near their family and friends, and the activities they love to do. Plus, Boomers – which represent around 60 percent of the adult population in the U.S. – know the value of the dollar better than most of the succeeding generations, including Generation X and Millennials.
Baby Boomers are preferring apartment living. In addition to eliminating expensive mortgages and other debt, more Boomers are choosing apartments so they can take part in the type of activities they love to do. Unlike their predecessors, these older Americans are not satisfied with sitting around playing bingo. Instead, they love to stay healthy and fit, taking part in activities like walking, golf, tennis and other aerobic exercise. Fortunately for them, many apartment communities have excellent gyms, pools, tennis courts, walking trails and other amenities that they can use for free.
Baby Boomers also love to travel. Houses require more attention for upkeep and can anchor residents, creating less travel flexibility. Conversely, apartments give great advantages to the Baby Boomer that seeks to get up and go on short notice. Some even choose to live different places seasonally such as those who flock to the southern states during the winter and are fittingly called “snowbirds.”