The year 2011 marked a unique event in history. This was the year that the first of the baby boomer generation turned 65 and began to retire. Since then, baby boomers have been reaching retirement age at an exponentially rapid rate. One of the most noticeable effects of this demographic surge is the huge increase in the amount of older adults who are leaving the private housing market and making the move into senior living communities.
The boomer boom
According to the U.S. Census Bureau, there were roughly 43 million seniors over the age of 65 as of 2012. This number is expected to spike to 83.7 million by the year 2050, almost doubling as the boomer generation reaches retirement age at the pace of around 10,000 per day, according to Forbes.
This surge is poised to have serious ramifications as boomers grow to form a significant percentage of the overall U.S. population. One of the major areas where this is becoming apparent is in the housing market. The aging boomer subset is leading to a surge in empty nesters who are left with single-family homes that they are trying to decide what to do with. As people get older, they find themselves more and more likely to downsize their living space.
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