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.
Charming home is ready for the most meticulous buyer. Perfectly situated in the friendly and well-kept neighborhood of Brentwood Park, the open floorplan and uniquely large backyard allows for ideal...
990 sq ft
Listing provided by Susan Hewitt, Golden Gate Sotheby's International Realty
This handsome two bedroom one bath home is ideally located on a coveted tree-lined street in Pacific Heights. The property features high ceilings, elegant custom built-ins, a wood burning fireplace,...
-- sq ft
Listing provided by Maximillian Armour, Reside Real Estate
Welcome to this diamond-in-the-rough single level, detached single-family home that needs upgrading. This property has huge potential for the investor or builder-owner. The home boasts 3 bedrooms, 1 bath, a...
1,000 sq ft
Listing provided by James Wong, Vanguard Properties
Quintessential Romeo style Edwardian charm and robust, classic updating characterize this polished, house-like, flat in one of the hottest neighborhoods in San Francisco. The condominium has been carefully revised to...
850 sq ft
Listing provided by Wendy Storch, Sotheby's International Realty
Stunning 3 level, 2 bedroom townhouse-style condo in the heart of SOMA. This extensively remodeled home has impressive finishes, gorgeous wood floors, high ceilings, skylights and large windows that fill...
808 sq ft
Listing provided by Genoveva Stoyanov, Paragon Real Estate Group
Rarely available upper floor remodeled condominium located in the heart of San Mateo and vibrant Burlingame offers an excellent floor plan, consisting of living/dining room combo with recessed lights, gleaming...
930 sq ft
Listing provided by Elena Wyman, Emerald Key Realty
Premium SoMa Grand corner home offers a desirable open floor-plan floor-to-ceiling windows with SF skyline views. Residence #1505 features refined, modern finishes in an open plan layout that includes a...
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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.