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