Keeping a close eye on the largest population bulge to pass through the retirement and senior years, Pulte Homes, the parent of Del Webb retirement and lifestyle communities, has the latest information on empty nest baby boomers, born between 1946 and 1964. Here are some fun facts that Realtors can use as they help empty nest baby boomers through life changes such as downsizing, upscaling, relocating or buying a second home.
Boomer parents are the leading edge of the homebuying sub-group known as empty nesters, with their own set of attitudes:
Boomers are currently between 58 and 40 years of age, with parents between the ages of 53 and 58 most emotionally ready to clear the nest, according to boomers surveyed by Del Webb in 2004.
While they have mixed feelings about becoming empty nesters, at least 75 percent says they don't or will not miss their parenting roles, like coaching sport teams or helping with school work.
Getting out of debt is the number one priority for boomers, when they become empty nesters, they say.
As for boomerang kids, empty nest boomers have already thought about what they would do if adult children want to return home to live. Twenty-seven percent would say no, providing the children were in good health and financially secure, while 28 percent would charge rent.
About 40 percent of empty nest boomers expect adult children to move back in with them at some point, and about 30 percent anticipate aging parents to live with them, but only eight percent would charge their parents rent.
These attitudes roll into empty nest boomers' plans for moving or staying put.
About 15 percent of empty nest boomers have already had one or more adult children return home to live. More than 25 percent of Americans ages 18-24 live with their parents, according to the U.S. Census, and 62 percent of college graduates say they expect to live at home after graduation according to a job search Website poll used by Pulte/Del Webb.
About 36 percent of empty nest boomers say they will move or plan to move once they become empty nesters, and nearly one-third of those plan to move more than three hours from their current homes.
As empty nest boomers retire, 55 percent plan to move and 51 percent plan to move more than three hours from their current homes.
About 44 percent of empty nest boomers who move from their old empty nest want to or will move to a smaller home that requires less maintenance. Sixty-two percent say maintenance is a paramount issue in choosing a home, and 23 percent say they want a smaller home.
About 31 percent of empty nest boomers had no debt associated with their children by the time their nests emptied.
Disposable income increases with the empty nest. About 67 percent of empty nest boomers report more income after kids left home. About 60 percent of those plan on saving their new-found wealth, while about half plan to spend the money traveling.
About 30 percent of boomers who are interested in active adult communities prefer to live in an urban setting, with 22 percent wanting adults-only neighborhoods as part of a larger multi-generational development.
Published: September 1, 2004
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Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment.
Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's.
Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68.
In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.
Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans.
Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR
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Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment.
