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.
Rare modern three level town house in coveted Zephyr Gate of West Oakland. High ceilings, engineered hardwood floors, bountiful light shines through large floor to ceiling windows. Open second level...
1,652 sq ft
Listing provided by Michael Sarkissian, Zephyr Real Estate
PANORAMIC VIEWS of the bay, mountains,city lights,SFO., neighborhood. Quiet, court location. Clean & very well maintained in many years by current owners.4-beds, 3-baths, family room, 2-car garage. Convenient court location.
1,990 sq ft
Listing provided by Rose Nunez, Rose Nunez Realty, Inc.
Vacant owner-user or investment opportunity in red-hot Sunnyside. Unobstructed views. Just ~3 blocks to Glen Park BART and Village. Updates to Ultra-convenient for commuters in any directions, just 2 blocks...
2,000 sq ft
Listing provided by Jonathan Minerick, HomeCoin.com
This rarely available 2-level corner unit at 200 Brannan has been tailored to suit the most discriminating buyer. Outstanding recent remodel, the convenience of main-level entry, 24 hr concierge services,...
Brand new luxurious single family home by well known Green Builder Clarum Communities. This home features a high-performance, energy-efficient design with a spacious open floor plan and modern finishes. A...
2,861 sq ft
Listing provided by Samuel Pilli, Engel & Voelkers San Francisco
2235-2237 Bay Street is a classic marina-style duplex located in the heart of the vibrant Marina District. Both units boast hardwood floors, incredible scale, wood-burning fireplaces, and original moldings. The...
3,480 sq ft
Listing provided by Neill Bassi, Sotheby's International Realty
Embodying a timeless, quiet elegance, this home is thoughtfully arranged for family, entertainment and modern living. A welcoming entrance opens to a graceful living room and large dining room matched...
LUMINA features a collection of luxury, move-in ready residences at Folsom and Beale Streets. Upper tower residences feature stunning views of the city and the bay. Designed by Bernardo Fort-Brescia...
880 sq ft
Listing provided by Garrett Frakes, Polaris Pacific
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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.