We’ve talked about Millennials seeking the Work, Live, Play mantra as they locate to communities. Ironically, Baby Boomers have similar lifestyle preferences with walkability to entertainment and amenities as their core preferences.
The Wall Street Journal recently published It’s OK to Party When You Turn 60. According to the article, more people are celebrating age rather than lamenting getting older. Also, 4.3 million babies were born sixty years ago. There are now more baby boomers than ever turning sixty with an approximate rate of 491 per hour.
For Baby Boomers, an active economy is a leading driver when considering a move to urban living. They tend to downsize to communities where there are part time job opportunities as well as nearby shopping, dining, healthcare, and recreational activities.
According to a Swanepoel T3 Group study, Commercial Real Estate ALERT: Analysis of the Latest Emerging Risks and Trends, Boomers are actively seeking rental apartment units no different than Millennials or in some cases purchasing condominiums in downtown areas. “Both desire to live in loft and high-rise buildings and are competing for the same pool of rental housing and supply that is still trying to catch up with demand in most markets.”
Since affordability is a differentiator for these generations, investors, developers and REALTORS® are once again turning to a more robust analysis of demographic and economic patterns to determine how to improve communities to accommodate specific interests and budgets.
So how do REALTORS® discover the right locations to accommodate the needs of this large demographic?
RPR data allows REALTORS® to research trends for 60-somethings with a specific net worth, who spend money on theater, movies, or sporting events. If an investor is looking to revitalize an existing building or break ground on a new apartment development in close proximity to existing healthcare facilities, groceries, restaurants, gyms, or theaters, REALTORS® have the ability to populate maps with visual data showing properties and existing businesses with demographic, economic and spending habits layered underneath to ensure site selection.
Land developers can even perform a quick analysis of a project with Valuate’s back-of-the envelope analysis, choosing to look at the project as a unit or FAR-based summary. With on-the-spot generation, RPR Mobile™ provides a profile on the unemployment rate and dominant industries to be quickly pulled so a client gets immediate stats via text or onsite.
Ready to build communities fit for baby boomers downsizing to downtown?
It’s easy with RPR analysis and Trade Area Reports.
By: REALTORS Property Resource (RPR)
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