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.
Showcasing modern architecture and dramatic design by GouldEvans, 750 2nd Street No.501 seamlessly combines elements of wood, concrete, glass, and natural light to create the perfect blend of sophistication and...
1,591 sq ft
Listing provided by Greg Fulford, Vanguard Properties
Beautiful fully detached home, completely remodeled in 2013. Four bedrooms, Three fully remolded baths, large living room, dining area and remodeled kitchen with a deck overlooking the huge yard, family...
1,685 sq ft
Listing provided by Lawrence Franzella, BHHS California Realty
Touchstone Commercial Partners Inc. is pleased to offer investors the opportunity to purchase the fee simple interest in 159 Fell Street. The approximately 4,697 square foot building sits on approximately...
5,415 sq ft
Listing provided by Robert Mann, Touchstone Commercial Partners Inc.
Charming Mid-Century Modern condominium in beautiful Golden Gate Heights. Spacious top floor open plan unit with two bedrooms, one bath, one car parking plus two storage areas. Renovated french country...
966 sq ft
Listing provided by Deborah Nguyen, Vanguard Properties
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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.