The Empty Nest is Reality for Millions of Baby Boomers Every Year
The Empty nest, that tranquil, far-off place harried parents dream about. An idyllic state where the kids are grown and on their own, couples reacquaint and long-deferred leisure fills hours once claimed by domestic obligation. Whether reality fulfills those dreamy expectations, the empty nest is a new reality for millions of Baby Boomers every year. More than a state of being, it is also a physical state of sticks and bricks. What is the definition of an empty nester? “Baby Boomers that say they are parents but have no children at home” as defined by Better Homes and Garden Real Estate.
Better Homes and Gardens Real Estate recently did a nationwide survey of Baby Boomers and 57% said they intend to move out of their current home. Reasons given were downsizing, cutting down on maintenance, being near grandchildren, family, recreation or a job, and buying their dream home. Many who plan to move and downsize are actually “upsizers”, meaning they will buy a smaller home with luxury features and or high end amenities. For this reason, many are choosing to build a new home rather than searching through the inventory of existing houses on the market. 70% of people that took the survey said they believe the home they retire in will be the best house they ever lived in. These results seem to show that home builders and Realtors are going to be very busy for a long time to come.