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.
WESTLAKE DREAM HOME!! Located in the Wonderful Westlake/Broadmoor Neighborhood, this Spectacular Single-Level Home Features 2 Large Bedrooms (Including Extended Spacious Master Suite) & 2 Full Bathrooms! Other Features Include Spacious...
950 sq ft
Listing provided by Patrick Shannon, Trinity Realty, Inc.
This stunning city view one bedroom, one bath condominium at The Palms has it all. Its generously-scaled living/dining room has walnut hardwood flooring, fresh paint in sophisticated neutrals and panoramic...
Fabulous 3 Level townhome with incredible bay,city & bridge views.This light filled spacious home features 3 bedrooms,3 full baths, cathedral ceilings & gorgeous hardwood floors.On the main level there is...
1,900 sq ft
Listing provided by Howard Reinstein, McGuire Real Estate
Completely rebuilt in 2003 by designer Ugo Sap. Integrating modernism with 21st century technology, distinctive features were added throughout the four-story grand Pacific Heights home, from hand-painted hardwood flooring to...
5,664 sq ft
Listing provided by Donald Sambucci, McGuire Real Estate
Move right into this terrific Edwardian condo w/ gorgeous period detailing, hardwood floors and modern amenities. The front living room has a beautiful decorative fireplace & a charming window seat!...
1,030 sq ft
Listing provided by Christopher Stafford, Paragon Real Estate Group
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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.