According to data from the U.S. Census Bureau, there are 76.4 million baby boomers.
This statistic has an interesting implication for the real estate market: Many baby boomers will be in the market to downsize from the home where they raised their family to a smaller house or apartment.
If that applies to you, here are a few factors that should guide your search for the right home for the next chapter of your life.
Living in close proximity to friends and family will increase the likelihood that you will have companionship and someone to care for you should the need arise. Plus, who wants to watch their grandchild's first steps over video chat?
As people age, walking up stairs may become burdensome or impossible. Look for houses or apartments with ramps, stair lifts or elevators. Similarly, make sure that all the housing you look at is wheelchair accessible.
Downsizing is an emotional process for many reasons--including the fear of losing the memories attached to the home and the belongings it contains. Almost every parent has a box of notes, art, cards, macaroni necklaces and other memorabilia from their kids or grandkids. A storage unit can hold things with sentimental value even after you move.
Ideally, the neighborhood will have classes and activities for baby boomers. It will also be good to look for neighborhoods with good hospitals and doctors nearby. Bonus points if there is a golf course close by, too!
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This story is part of a content partnership with CENTURY 21(r) Real Estate.