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Phone: 435-619-3422

Email: cmowery@infowest.com

Jun 24, 2013

The Right Size Home for Empty Nesters

We all know by now that the baby boomers, by far, are the largest age group that we know through present day, all of which are retired or will be retiring very soon. Along with retiring, they will be looking to downsize their current homes. Or will they? They are definitely seeking to accommodate their needs as they enjoy the rest of their lives. But rather than downsizing like the older home buyers generation, the baby boomers want more spacious living areas. Their children have grown up, gone off to school, left the home and have families of their own now. What will the new home look like?

Empty nesters tend to be very specific in their housing needs. They know exactly what they want and are looking for particular homes. Storage space does seem to be the most important for empty nesters. Over the years, they have built and accumulated many items that are sentimental to them. Maybe they have projects from when their children were growing up or they have a piece of furniture they have collected during their travels, nonetheless enough space to accommodate their personal household items is a necessity.

Some people have made the mistake of downsizing too much and have found themselves unhappy and “cramped.” In the north eastern part of the United States, the average size home for empty nesters runs about 2,500 to 3,000 sq. ft. The baby boomers are a wealthy generation and want space but also feel everything is contained as well. They have been smarter with their money and investments and have the funds to purchase these nicer homes. The difference now is that this home purchase is not for investing purposes, but for enjoying their lives as “empty nesters.”

Modernized homes with large kitchens seem to be desired as well. We are talking about a generation who grew up with a formal dining room in their homes, and they want to continue that tradition. Studies have shown that most empty nesters now prefer a four-bedroom home, with the kitchen, family room and dining room, along with a nice yard in a private setting. They would like to have the space for their items as well as company when their children and “new” families come to spend some time. Only about 23% of empty nesters downsize when they purchase their new homes and those reasons are generally more personal than anything else.

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