The Boston Baby Boomers have been great for the Boston condo market. But how long will it last? I hate to say this, but they will eventually die off. What’s next? Let’s take a look on how the Baby Boomers will impact the Boston high rise condo market in the near future.
Good news for the remodeling industry
A recent report from Harvard’s Joint Center for Housing Studies forecasts that the remodeling industry will remain robust over the next ten years. The growth will be driven, as ever, by the Baby Boomer generation, 80 percent of whom own homes, and two-thirds of whom have expressed a desire to “age in place.” This means that many of them are modifying their living quarters to include such “universal design” features as wider doors and hallways to accommodate wheelchair use.
Will Millennial’s be the next Boston high rise condo buyers?
Boomers—those born between 1946 and 1964—are a plentiful and relatively affluent lot; they’ve steered economic trends for decades. But as the oldest members of the generation amble into their 70s, housing analysts are wondering who will take up the mantle of remodeling—and home ownership—when they’re gone. Hopes are often pinned on the generation that last year overtook Boomers as the country’s largest: Millennials.