Baby Boomers -Why Should We Downsize?

Wednesday, May 29, 2019 - by Kim Bass, president, Greater Chattanooga Realtors

I’ve noticed that millennials are often talked about in regard to housing, but baby boomers, mostly between the ages of 54 to 73, are making news as well. I read an article from USA Today which noted that a growing number of baby boomers are choosing not to downsize in retirement. Instead, they’re opting to remain in the homes where they raised their children. But their reluctance to move is contributing to low inventory across the country, says realtor.com Chief Economist Danielle Hale.

Baby boomers are working longer and, therefore, putting retirement off longer than previous generations. Also, their millennial children increasingly are living at home with them and staying well into adulthood.

Baby boomers also may be struggling to find a smaller home to move into. Housing analysts have pointed to a dire housing shortage of less expensive entry-level homes—the type downsizing baby boomers could be seeking. The shortage has caused home prices to increase, and that may be erasing some of the incentive to downsize, housing analysts say. Locally, the median sales price for April 2019 was $199,000. This is a 11.5 percent increase just since April 2018 ($178,500). 

Fifty-two percent of baby boomers say they’ll never move from their current home, according to a Chase Bank survey of 753 boomer homeowners conducted this year. Separately, 43 percent of 45- to 65-year-olds say they plan to remain in their current home through retirement, according to a 2017 Ipsos/USA Today poll.

And downsizing may be losing its appeal. For baby boomers who do plan to move, 43 percent say they want their next home to be the same size as their current one. Twenty-two percent say they want their next home to be even larger, according to a January survey of 50- and 60-year-olds by Del Webb.

Whatever your housing situation might be, working with a realtor ensures that an expert is working on your behalf to make transaction as smooth as possible. That’s who we R. 



Kim Bass: August Housing Market Statistics

Real Estate Transfers For Sept. 5-11

Capital One Closes Freddie Mac Loans Totaling $31 Million For Chattanooga Apartments


As the summer is drawing to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)

Capital One announced on Tuesday that it has provided Freddie Mac loans totaling $31 million for the acquisition of two Chattanooga apartment communities, the 200-unit Evergreen at Hickory Valley ... (click for more)


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Kim Bass: August Housing Market Statistics

As the summer is drawing to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. Yet most experts agree these reductions are unlikely to bring sufficient relief, ... (click for more)

Real Estate Transfers For Sept. 5-11

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

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