Downsizing Boomers to Fuel Apartment Market
2015-06-25In general, the downsizing activity usually occurs around the age of 70 and becoming increasingly prominent by age 75, writes Kansas City Fed senior economist Jordan Rappaport. By next year, the oldest baby boomers will turn 70. The number of Americans aged 70 and older will increase by more than 20 million in the next 15 years, according to Census Bureau estimates.
However, the report also notes that builders will need to take steps to adapt to the type of multifamily units they’re building to better appeal to the baby boomer segment. While millennials have shown a preference for compact, urban spaces, older adults tend to want more space and amenities, according to the report.
Source: NATIONAL ASSOCIATION OF REALTORS®
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