Baby Boomers aren't dashing to downsize, choosing instead to stay in large single-family homes and defy popular perceptions that their retirement years will include shedding possessions and square feet. Fannie Mae found that despite retirement and becoming empty-nesters, the proportion of Baby Boomers residing in a single-family home has remained stable.
In South Florida, where 55-plus communities are abundant, the lack of boomer downsizing is particularly significant for developers hoping to cash in on the growing market of retirees. The baby boom generation - people born between 1945 and 1964 - includes more than 43 million households, according to the U.S. Census Bureau. Of those 32 million are homeowners. An estimated 10,000 baby boomers reach retirement age each day.
A census survey of new home construction has shown the size of houses increasing consistently since at least the 1960's, when the average home built had 1,500 square feet. By 2004, the average new home was 2,100 square feet and that grew to 2,598 by 2013.
Tom: Two key points from this article: First, of those 10,000 retirees a day many will be coming to Southwest Florida for the weather, sunshine, water and no state income taxes on retirement income. Secondly, the trend to keep building larger homes is definitely evident in our local area. Most new homes are built with more square footage, an extra bathroom and often with three car garages.
Even though a retiring couple may not need all the space for themselves they want to have a home spacious enough to accommodate their visiting family and friends....who all love to come to sunny Florida for vacation, especially in the winter. The third car garage often serves as extra storage space in lieu of a basement or attic, which are common up north, but not feasible in Florida