The silver tsunami, as the wave of baby boomers coming into retirement is lovingly referred, means the home health industry could see demand for its services skyrocket in the coming years.
As 10,000 Americans turn 65 every day, there is a huge opportunity for home health to capture a portion of this group, especially as many seniors seek a new home where they expect to age in place. Knowing where seniors want to live and why they choose to move are important benchmarks for the home health care industry.
Retirement is a key trigger for moving decisions, and many plan to switch up their location upon entering the Golden Years. A large chunk of baby boomers—32 million, or 42% of this generation—plan to move for retirement, either upsizing or downsizing, according to a recent report by Metrostudy.
While it might be plausible to think that seniors want to downsize in retirement, the biggest motivator behind moving is area and location; half of boomers said so. Price/affordability was also an important factor, with 37.4% saying it was a top motivation for moving, while 19% said the layout of a home influenced their choice.
While some baby boomers plan to move in retirement, there are many more who say they want to age in place, according to Metrostudy. However, this option may not be plausible for all baby boomers, as many homes lack accessibility and require lot of maintenance and upkeep. Just 62% of homes are single-story homes; only 45% of baby boomers describe their home as being easy to maintain; and only 27% have accessibility features for those with special health needs, according to Metrostudy. Many more baby boomers may have to end up moving.
As boomers seek to change their lifestyles during retirement, home sales will likely increase, unlocking a huge source of equity. Baby boomers hold about two-thirds of the nation’s home equity, about $8 trillion, according to Metrostudy.
Perhaps unsurprisingly, Florida is a top destination for baby boomers who move, as are other regions with milder climates, according to baby boomer new home sales data:
Written by Amy Baxter