Mature home buyers between the ages of 69-89 (the Silent Generation) make up only 10 percent of
the recent home purchases in the United States according to the National Association of REALTORS® Home Buyer and Seller Generational Trends Report.
What are the motivations of this age group to purchase real estate at this time
in their life and what do they desire as home owners?
SRES®
conducted an interview with a 70-year-old home buyer to find out her personal
home buying story and here are the top five things they learned:
- Cohabitation Isn’t Just a Trend for
Millennials
The home buyer SRES® interviewed will be purchasing a condo with her current
partner. They are not married and have never had children or owned a home
together before. The partner’s desire for home ownership was a large factor in
the purchase of their condo together. They do not have plans in the near future
for marriage and like their younger counterparts who are choosing to live
together before marriage (or never tying the knot in general), they want to
share a home and don’t consider marriage a necessary component in that
decision.
- Disinterest in Assisted Living is
Not Just About Keeping Independence
This
home buyer is disinterested in an assisted living residence because she wishes
to maintain diversity in her life. She feels living in an assisted living
facility would cause her to be surrounded by a homogenous group of people, too similar
in age and income. This was in mind as she purchased a condo in Chicago,
Illinois, which allows her the ability to age in a more diverse environment and
live around people of different ages and backgrounds. Assisted living was not
an option and would only be considered on an “as needed basis”.
- Walkability and Ability to Stay
Active is Essential
Still
active, healthy and working full-time, this home buyer desires to be within walking
distance of restaurants and stores. It is essential for her and her partner to
be able to explore the neighborhood on foot and have accessibility to Lake
Michigan. Establishing community in a safe and walkable neighborhood was of
upmost importance to their long term happiness and it influenced the decision where
to purchase their home.
- Renting vs. Buying: A Tough
Question at Any Age
The
fact millennials are renting more than buying has been a hot topic in the real
estate world. However, the age of this home buyer did not stop her from sharing
some of the same fears millennials have in being tied down to a home. Renting is
attractive because it provides a certain amount of freedom from home owner stress
and responsibilities. But in the end, for
this consumer, the financial investment, security and stability of home
ownership won. The added excitement of being able to make structural and
cosmetic changes as she pleased was also a deciding factor.
- “We Feel Like We Have a Lot of Life
Left to Live”
The home buyer also
honestly shared that the moving process was more tiring at her age and much more
exhausting than they had expected. Of
course, moving is always stressful no matter your age, but in the long run, the move in
later life was worth it to them because they feel they have a lot of life left
to live.
The Five Things We Can Learn From a 70-Year-Old Home Buyer
By Laura Davis for the Seniors Real Estate Specialist® Council