Did you know August 21st was National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,
“Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.”
To give proper recognition, we’re going to look at some senior-related data in the housing industry.
According to the Population Reference Bureau,
“The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”
Seniors Believe in Homeownership
In a recent report, Freddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.This, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:
Here are some highlights from NAR’s report:
- Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
- 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
- Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
- Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
- Sellers ages 64 to 72 lived in their homes for 21 years or more.
According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years. If you’re a senior thinking about the process, let’s get together to help you make the move as smoothly as possible. Contact us at 508-568-8191 or leave a message in the comment section.
We enjoy attending the Tom Ferry Success Summit every year for a variety of reasons. The information we receive — like the truth about the economy and the housing market that we shared with you last week — is invaluable.
We also have the opportunity to meet agents from across the country and around the world. One of the people we look forward to seeing is Howard Harel Brodsly from Israel. We’re Facebook friends and keep in touch, but it’s always good to catch up in person.
Howard, who was born and raised in California and graduated from the University of California – Irvine with a degree in Biological Sciences, lives in Haifa and works for ReMax.
We always learn something new when we see him. This year we asked about the real estate market and the settlements we always hear so much about in the news. We were surprised to learn that they represent a very small percentage of the country’s population, about 150,000 people in a country of eight million. So, there’s very little real estate activity at all.
Most of his business is selling apartments, which we guess would be akin to condos.
Howard travels once a year from Israel to California to attend the Ferry Summit. But the prize for coming the longest distance would probably go to a real estate professional from Australia.
So, if you’re interested in relocating to the land down under, just let us know. We can connect you with a good agent who can help you!
Enjoy your week…
Mari and Hank