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.
Adorable + Affordable in Guerneville. Value Priced & Move-in- Ready 3BR/1BA Cottage that's close to town, on municipal sewer and no flood. Abundant upgrades include rich hardwood floors, sparkling stainless...
796 sq ft
Listing provided by Pat Patricelli, Vanguard Properties
South Beach Living realized at The Beacon. Modern split south-facing 2bed, 2bath features oversized windows overlooking AT&T Park and Mission Bay. Gourmet Kitchen w/granite countertops, contemporary cabinetry, Energy Star appliances....
1,144 sq ft
Listing provided by Christopher Lim, Climb Real Estate
Rarely available large light-filled corner unit with 1BR/1.5BA at the BEACON. This 1104sqft unit is just installed Air Conditioner, and freshly painted. Wrap-around floor to ceiling glass windows capture views...
1,104 sq ft
Listing provided by Hisakazu Kurahashi, T. Okamoto & Co.
Elegant. Urbane. Among the northside neighborhoods of Nob Hill and Pacific Heights and adjacent to upper Polk St. retail, this all-new eight-story concrete construction features Euro-influenced designs from the common...
1,050 sq ft
Listing provided by Douglas Shaw, Pacific Union International Inc.
Just below the summit of Russian Hill this Mission/Spanish Colonial Revival home has a commanding presence with its well-designed facade, relief ornamentations, generous width, & red tile roof. Spanning 4-lvls...
4,045 sq ft
Listing provided by Steven Gothelf, Pacific Union International Inc.
Million Dollar Ocean View Home! Location, Location, Location. Close to 280, only 15 mins to San Francisco, SFO airport, public transportation, Groceries, Restaurant. Detached Remodeled home with lots of potential....
1,610 sq ft
Listing provided by Anna Gandamana, Realty One Group - Alliance
Recently completed major renovation with brand new addition, totaling 3,651 sq ft*Currently property has 5(!) levels: 1 level garage and game room, laundry and full bathroom; 2 level: kitchen-living room;...
3,651 sq ft
Listing provided by Vadim Eidemiller, Vadim Eidemiller, Broker
This full-5 Victorian-style single family home features 2Bedrooms/1Bath, formal dining room, fireplace in the living room, hardwood floors, mostly double-pane windows throughout. Stairs off the kitchen leads to unwarranted two...
1,180 sq ft
Listing provided by Connie Nishkawa, Century 21 Real Estate Alliance
Listing information deemed reliable but not guaranteed
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.