Most of us are aware that the Baby Boomers, a generation comprising huge numbers, are beginning to retire. Their retirement brings along with it immense lifestyle changes, including the selling of their homes. Additionally, a huge transfer of wealth to younger generations than the Boomers has begun.
The Baby Boomers overall will be downsizing their homes, though most likely not their lifestyles. While many of the Boomers were affected by the recession of 2008 which wiped out many of their paper assets, the majority of them have been recovering through continued home ownership. Nevertheless, given that prices are rising, one of the challenges the Boomers face is where to retire. Many smaller homes in desirable communities and locations well exceed what Boomers can afford.
The reasons for this are manifold and include affordability and the effects of Prop 13, the benefits of which many Boomers are accustomed to. Owning a home in San Francisco by today’s standards requires an average income of $267,000. That generally means that moving into a different home in San Francisco is not an option for retiring Boomers. This state of affairs in San Francisco sometimes means that Boomers dig in and vow to stay in their homes until someone carries out their lifeless body. In this sense, Prop 13 has become a golden handcuff.
For those who want to or have to move on from San Francisco the question remains: where to go? -
The Boomers like owning their homes and will likely continue to do so in more retirement-friendly states like Texas, Arizona, and Florida. For those Boomers who wish to remain close to urban centers, senior housing will become an important option.
Enjoy some of SF's finest, Bridge-to-Bridge Views from this beautiful home, high up on 999 Green's rarely-available NE corner. The owners completed a contemporary, no-expenses-spared renovation for themselves in 2013,...
-- sq ft
Listing provided by John Kirtland, Sotheby's International Realty
Ready available! Design your own partition. Across Union 76 gasoline station, and Manila Oriental Market (Supermarket).(SUPERMARKET). Ground Floor, Store Front,Complete renovated Unisex bathroom. EASY ACCESS TO FOOT TRAFFIC, PUBLIC TRANSPORTATION,...
Exquisite 2 level condo located on the coveted Northwest slope of Bernal Heights. Awe-inspiring panoramic views towards Twin Peaks, overlooking Noe Valley. Fully remodeled in 2014 w/ high-end finishes including...
1,327 sq ft
Listing provided by Erik McIntosh, Berkshire Hathaway-Franciscan
Beautifully renovated single family home with 3 bedrooms and 2-1/2 bathrooms. This lovely home features new roof, new engineered wood flooring, new carpeting, updated kitchen with quartz counter tops, new...
1,540 sq ft
Listing provided by Rosa Gallardo, HomeSmart Bay Area
North Facing Condominium with stunning views to The Golden Gate Bridge, The Marin Headlands, Lafayette Park and beautiful Pacific Heights. Floor to ceiling windows and a fresh-air balcony. This would...
This sophisticated South Beach Studio features refined living and abundant amenities in one of San Francisco's most desirable waterfront neighborhoods. With Bay and City views, this bright, approx. 432 sqft...
432 sq ft
Listing provided by Gregg Lynn, Sotheby's International Realty
This beautiful Queen Anne-style home has charming period details throughout. The wonderful layout features bay windows, high-coved ceilings and wooden floors and opens through a welcoming front porch. Through the...
1,495 sq ft
Listing provided by Nadia Ruimy, Zephyr Real Estate
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Listings on this page identified as belonging to another listing firm are based upon data obtained from the SFAR MLS, which data is copyrighted by the San Francisco Association of REALTORS®, but is not warranted.