So when do we see the boomer migration?

From HousingWire:

Where are Baby Boomers moving? Absolutely nowhere

Some 10,000 Baby Boomers reach retirement every day, exiting a world dependent on jobs and kids and into a new lifestyle that drastically adjusts their housing choices, a commentary by Patrick Simmons, director with the Economic and Strategic Research Group of Fannie Mae, said.

The common perception is that the generation born between 1946 and 1964 is starting to downsize from suburban single-family homes to urban multifamily residences as they become empty nesters.

But this assumption is not true, and in fact, the truth is quite the opposite.

Simmons explained, “Despite these life transitions, one key metric of boomer housing consumption – the proportion of the population residing in a single-family detached home – has yet to decline.”

And instead of the downsizing perception, the percent of Baby Boomers residing in single-family detached homes was at least as high in 2012 as at any time since the onset of the housing crisis.

This trend even includes the oldest members of the boomer generation, who have largely exited the childrearing stage and begun to retire in large numbers.

Furthermore, boomers are increasingly stepping away from the workforce. Between 2006 and 2012, the proportion of all boomers who were not in the labor force increased by 9 percentage points.

But despite all these variables, this generation is not leaving their detached single-family homes, but why?

1. They could simply love their current home.

2. Economic conditions and housing conditions force Baby Boomers to stay put.

3. They might not be able to find a home to buy.

This entry was posted in Demographics, Economics, National Real Estate. Bookmark the permalink.

44 Responses to So when do we see the boomer migration?

  1. Street Justice says:

    4. they divorce, and one keeps the house in Jersey, the other moves to palm beach.

  2. Libturd in the City says:

    Frecond!

  3. Street Justice says:

    5. They keep the house in Jersey, buy a second in Florida, and become residents of FL and stop paying taxes in Jersey.

  4. Anon E. Moose says:

    Street [3];

    Property taxes?

    They can rent the NJ house out for 3 years after moving to FL, then sell and still capture $500k of capital gains tax free.

    However, I shed not a single tear for the locust generation not getting the platinum-plated, Gold Coast condo retirement each and every pittiful one thinks they are entitled to.

  5. Street Justice says:

    I’m not a tax expert but, my best guess is that a wealthy person (heck maybe an upper-middle class person), would want to change their primary residence to FL if they owned property in both states. It wouldn’t allow you to avoid property taxes in NJ though.

  6. Juice Box says:

    re # 5 – avoid property taxes in NJ though.

    They can and do avoid the property tax increases however.

    Senior Freeze

    http://www.state.nj.us/treasury/taxation/pdf/p05282014a.pdf

  7. JJ says:

    A lot of my condo complex I bought into are “florida residents” You dont even need to tell condo when you change title. They put it in trust or in kids name anyhow with a $10 dollar property transfer.

    They stay in NY from Easter/Passover till Thanksgiving. A lot of the Jews dont celebrate xmas so Thanksgving is last family holiday till Passover anyhow so the parents go to Florida and kids visit during break.

    No state tax, no estate tax in Florida and the NY condo already in kids name anyhow.

    Condos are big draw to snowbirds as you can just lock the door. My building has the sucky electric heat you cant turn off. By they set their thermosats to like 45 degrees so pipes dont freeze so not that expensive. Condo does not allow winterizing units. They used to allow it but then they had a building where several units did it and the pipes burst.

  8. Street Justice says:

    Action Park reopens Saturday embracing its ‘Traction Park’ reputation

    http://www.nj.com/sussex-county/index.ssf/2014/06/action_park_set_to_open_saturday.html

  9. Street Justice says:

    Cory Booker ‏@CoryBooker Apr 3
    WOW! Action Park is back! I still have scars from long ago visits but I so want to go again RT http://www.nj.com/sussex-county/index.ssf/2014/04/a_blast_from_the_past_action_park_is_back_for_the_summer.html#incart_m-rpt-1

  10. Comrade Nom Deplume, a.k.a. Captain Justice says:

    Residency in FL while maintaining a “second” home in NJ is a no-brainer. But heed Moose’s admonition about selling within three years to keep the Section 121 exclusion.

    In the future, I expect NJ to be as aggressive as NY when it comes to residency. And they will take a “guilty until proven innocent” approach and simply determine you to be a resident (and in arrears on taxes) unless you prove otherwise.

    CNN had a story some months back about a guy in PA who worked a lot in NY and kept a place there. He took regular selfies in front of his house, holding up the day’s edition of the local paper, as evidence of his presence in PA. The sole purpose was to preserve evidence for when NY tried to ding him as a “resident.”

  11. Street Justice says:

    Iraq Crisis: Saddam Hussein’s Generals Fighting with Jihadist ISIS Insurgency
    Gianluca MezzofioreBy Gianluca Mezzofiore
    June 12, 2014 11:49 BST

    http://www.ibtimes.co.uk/iraq-crisis-saddam-husseins-generals-fighting-jihadist-isis-insurgency-1452365

    The Sunni insurgency that is storming Iraq towards the capital Baghdad reportedly includes Baathist military officers from the era of Saddam Hussein’s regime.

    A former top military commander and vice president in the Hussein government, Izzat Ibrahim al-Douri, has joined forces with the jihadists of the Isis (The Islamic State of Iraq and the Levant) with the aim of overthrowing the Shiite-majority government of prime minister Nouri al-Maliki.

    A senior Baathist leader told the New York Times that the groups are “unified by the same goal, which is getting rid of this sectarian government, ending this corrupt army and negotiating to form a Sunni Region”.

  12. JJ says:

    Why do you have to sell in three years, 99% of NJ folks are underwater anyhow. I bought my home December 1999 and there is zero cap gains.

    In realtor fantasyland you buy a house lets say for 300K and sell it for 500K 15 years later there is a “200K profit. In reality, you paid a ton of costs to close on house, a ton of costs to sell the house plus a realtory commission. That alone eats 50K of “profit” and for remaining 150K you most likely have receipts for full amount and if not the full amount the small remaining amount is taxed at 15% anyhow. Houses were not super cheap in Long Island or Jersey unless you go back to the early 1980s.

    Now Manhattan and Brookyln is a totally different story, places bought between 1992 and 2012 already have trememdous price increases. And if a condo or coop you spent extremely little in cap improvments over that time. But single family homes have not really jumped much in price.

    11.Comrade Nom Deplume, a.k.a. Captain Justice says:
    June 13, 2014 at 12:01 pm
    Residency in FL while maintaining a “second” home in NJ is a no-brainer. But heed Moose’s admonition about selling within three years to keep the Section 121 exclusion.

    In the future, I expect NJ to be as aggressive as NY when it comes to residency. And they will take a “guilty until proven innocent” approach and simply determine you to be a resident (and in arrears on taxes) unless you prove otherwise.

    CNN had a story some months back about a guy in PA who worked a lot in NY and kept a place there. He took regular selfies in front of his house, holding up the day’s edition of the local paper, as evidence of his presence in PA. The sole purpose was to preserve evidence for when NY tried to ding him as a “resident.”

  13. Street Justice says:

    Kurdish peshmergas protect Kirkuk from ISIL
    http://www.liveleak.com/view?i=3db_1402661840

  14. Comrade Nom Deplume, a.k.a. Captain Justice says:

    This is going to cause Obama’s head to explode: He is supposed to hate on this guy but how could he?

    http://www.cnbc.com/id/101755085

  15. Comrade Nom Deplume, a.k.a. Captain Justice says:

    [13] JJ

    You are forgetting the 20% premium you can command simply because you lived there.

    Hang out a plaque or something.

  16. Painhrtz - from Sabbatical says:

    Street those Sunnis know better to move on the Kurds of northern Iraq. common enemy makes for strange bedfellows news is Iran has been making inroads with washinton to support the crumbling Shiite government. all in all this was predictable back after the 2003 invasion. Even I can’t blame chairman O for this one as anyone with a lick of common sense regarding the sectarian fractures in that part of the ME knew this would happen. The best strategy would be to stay as far away and let Iran and Turkey handle it.

  17. Cynical moi says:

    The various branch of Islam (sunni/shites/alawite) , and Islam with everyone else, have not yet learned the lesson that it took Europe’s Christianity (catholic/protestants) 300 yrs to learn; and even today in Northern Ireland, they still have not gotten, even though they are very good at stuffing dead kids in sewer tanks.

    Blood, sweat & tears fueling constant civil war will eventually get the point across. Until it does, which might be decades from now and include nuclear events. We need to stay the hell out.

    Painhrtz – from Sabbatical says:
    June 13, 2014 at 1:17 pm

    Street those Sunnis know better to move on the Kurds of northern Iraq. common enemy makes for strange bedfellows news is Iran has been making inroads with washinton to support the crumbling Shiite government. all in all this was predictable back after the 2003 invasion. Even I can’t blame chairman O for this one as anyone with a lick of common sense regarding the sectarian fractures in that part of the ME knew this would happen. The best strategy would be to stay as far away and let Iran and Turkey handle it.

  18. Anon E. Moose says:

    Who wants this piece of real estate? Greenwich Village townhouse, asking $13.5 MM. It does have a bit of… “history”.

    http://ny.curbed.com/archives/2014/06/13/accidentally_exploded_village_townhouse_relisted_for_135m.php

  19. Juice Box says:

    re # 19 – I used to live on West 12th not far from that listing but closer to 7th Ave and the subway. Amazing what they are doing with the old St. Vincent’s Hospital. I was sad to see it close, penthouse is rumored to be around 20 million.

    http://ny.curbed.com/archives/2014/03/17/checking_in_on_the_villages_massive_greenwich_lane_complex.php#more

  20. All Hype says:

    Pain (17):

    Know a guy who works for the gubbmint. He told me a few years ago that the Kurds are a pretty tight group. They kicked out the insurgents pretty quickly after Saddam was ousted and set up shop independently in no time. Turkey has the biggest worry over them as they have a sizable population and land area inside their country.

  21. Juice Box says:

    Kurds are the only literate group in the whole stinking place.

  22. Libturd at home says:

    How Captain Cheapo vacations…

    We just landed a 6 sleeper duplex (1st floor unit) for the July 4th week. 3rd house from the beach. About 6 blocks to Fantasy Island too. I Google street viewed it and its a quiet street with all huge luxury beach houses (except ours). Which means families and not drunken kids. When I heard the price, I made the realtor go over there to make sure there wasn’t construction going on nearby. She checked it out and said we simply got extremely lucky. $1700 complete. Booyah!

  23. Anon E. Moose says:

    Lib [24];

    There’s no minute like the last minute.

  24. Painhrtz - from Sabbatical says:

    Hype I met a few in a bar in Berlin last year. They hate everyone and according to them they will let them all take each other out and pick up the pieces. As long as they stay off their lawn of course.

    Wow I thought NHL officiating was bad then I watched the world cup. they are lucky Mexico came out on top

  25. Street Justice says:

    24 – What town?

  26. grim says:

    27 sounds like beach haven or thereabouts

  27. Street Justice says:

    http://reason.com/blog/2014/06/13/why-europes-anti-uber-protests-backfired

    As Brian Doherty noted at Hit & Run yesterday, the cabbies of Europe clogged the streets on Wednesday to demand that Uber, the high-tech car service that’s upending the taxi business worldwide, be regulated or booted from their varous cities. I have a piece at The Daily Beast today looking at why the protests backfired—new Uber signups in London jumped 850 percent after Wednesday’s action—and Europe’s anti-Uber forces may have already lost the war.

    First of all, the cabbies didn’t even bother pretending that their objections had to do with anything other than turf protection. At least the taxi drivers of San Francisco and Chicago make an effort to pretend that their cause is really about passenger safety. Isn’t it charming when a cabbie blocks traffic, bangs on his horn, or just drives very slowly, to make the point that the state should preserve his monopoly privileges?

  28. The Original NJ ExPat says:

    LOL. Some 22 year old girl says the boomers are going to age in place ponying up their taxes until the grim reaper comes a’knockin’ , so I guess it has to be true. I think she’s just hoping she gets to keep her room at Mommy and Daddy’s house. Check out Brena Swanson’s résumé on Linked In and her face-making abilities on Vine Box and see if you’re convinced.

    https://www.linkedin.com/pub/brena-swanson/64/6aa/a59

    https://www.google.com/search?q=brena+swanson&num=100&rlz=1C1EODB_enUS585US585&espv=2&tbm=isch&tbo=u&source=univ&sa=X&ei=-VGbU-eXDaipsAS4lIHIDg&ved=0CB4QsAQ&biw=1335&bih=957

  29. Libturd at home says:

    Beach Haven. Don’t want to give the exact street cause I don’t need JJ showin’ up, but it is between 10th and 15th. Really looking forward to it. Central air, outdoor shower, washer dryer and deck to boot. Though the price has me very weary. When searching, pretty much everything that begins with a 2 is bay side and typically near the causeway. We’re heading down Sunday morning to avoid the madness.

  30. Libturd at home says:

    Oh, plus, I have Lady Gaga tickets Saturday night in AC.

  31. Painhrtz - from Sabbatical says:

    Lib you little monster

  32. Libturd at home says:

    I’m not going to Gaga. Either Gator and Jr. will go or I’ll sell them.

  33. Juice Box says:

    friggin monsoon

  34. Street Justice says:

    Swatting……Somerset county

    http://m.youtube.com/watch?v=-ziLjOPCQwg

  35. Juice Box says:

    Bye bye worms.

  36. Painhrtz - Disobey! says:

    What have lil gator see his first pair of schikza boobies. Sell

  37. Libturd at home says:

    We hide nothing from him. Unfortunately, he likes the taste of beer.

  38. anon (the good one) says:

    @RBReich:
    What are we coming to? Even the CEO of Goldman Sachs warns income inequality is “destabilizing.”
    http://t.co/nqCckRTV8O

  39. Libturd at home says:

    No shit anon. You’ll never see it as you are too far gone, but Wall Street is not the culprit. It’s those politicos that make you cream your tightey whiteys who are at fault.

  40. I’d gladly work for a robot.

  41. Sylvia says:

    Howdy! This article couldn’t be written any better!
    Looking through this post reminds me of my previous
    roommate! He continually kept preaching about this. I most certainly will forward this post to him.
    Pretty sure he will have a great read. I appreciate you for sharing!

Comments are closed.