Florida Real Estate Market – Aspire Legal Solutions

Baby boomers are likely to live longer than earlier generations have, and they’re worried about having enough money to cover housing, care, and other expenses for the duration.

Why it matters: Boomers make up 20% of the U.S. population overall but represent 39% of U.S. homebuyers and 52% of sellers. As a real estate professional, being attuned to the needs of this massive demographic will keep you ahead of the curve.

They’re calling it “Peak 65:” Every day this year, more than 12,000 people will turn 65. (That’s 4,380,000 by year’s end if you’re counting.) All boomers will have turned 65 by 2030.

Breaking down the “retirement trifecta:” Leaving behind a career and the paychecks that come with it is scary. Boomers are weighing their current assets and investments against their expectations for the next 20 or even 30 years. Top of mind are questions about:

Income: Boomers want steady, reliable, and sufficient income streams to ensure they can maintain their standard of living even in the face of inflation and rising costs.
Paying for care in late old age: Who’ll look after them when they become frail? What medical expenses can they expect? And how will they pay for it all?
Housing: Safe housing at every stage post-retirement is a must. It’s also likely to be a senior’s largest expense, especially if they move into assisted living or other type of care facility.

Aging in place isn’t cheap either: Most boomers (78%) say they want to age in their own homes. Most existing homes will require some level of adaptation to accommodate their evolving needs, which costs money.

Boomers will also need funds for general upkeep and repairs on their homes, which aren’t getting any younger either.

Those homes are also a source of wealth: America’s boomers currently have about $13 trillion in home equity, a number that’s expected to rise to $20 trillion by the end of the decade.

The importance of relationships: Boomers value relationships with advisers and others who shape their financial well-being. They’re looking for providers who understand retirees’ needs and who’ll work with them to find the best solutions.

The bottom line: The time for digging into the needs and challenges of boomers — from mortgage planning to home-building — is now. These efforts can benefit real estate professionals and investors well into the future as boomers will continue to shape many aspects of the real estate industry for years to come.