Are Baby Boomers Downsizing?


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Research shows that there are absolutely more baby boomers looking to downsize in the next coming years.

If you are approaching, or within the age of 55 - 65+, you may be one of the many people pondering the benefits of downsizing or even just relocating. According to a 2016 survey by Freddie Mac, one in five baby boomers plan to sell their home and rent a new one.

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Here Are The Four Common Reasons Why Baby Boomers Are Downsizing:

1. Repairs, Maintenance and Damage….O My!

Many of our clients prolong the selling process because they are aware of the hassle that selling a home can be. That is until something goes wrong, such as a flooded basement or leaking roof. Not to mention the upkeep of lawns and landscaping. All of these inevitable home owning issues can be too stressful than the home is worth. Baby Boomers are realizing that it makes more sense to downsize into a property that is more low-key.

2. Baby Boomers and the City

The appetite for community and urbanity is strong for baby boomers looking to relocate. Cities offer cheaper housing options, more activities and a deeper sense of community. While downsizing may be unavoidable when moving to a tightly populated city, it can also offer a higher standard of living for some baby boomers.

“Many of our clients who are in or near retirement like the idea of downsizing and moving into the city, or closer to the city, and they know it will be less expensive than maintaining a large home,” says Penny Lane Home Buyers owner, Andy McFarland.

3. To Rent or Own? That is the Question.

The rent-or-own decision had become a common dilemma for baby boomers in recent years. It seems to make financial sense to rent because it eliminates high condo fees or having to pay for repairs. More and more baby boomers continue to sell their homes and move into apartments or town homes.

Linda Johnson, a former client of Penny Lane Home Buyers, has said “my husband and I opted to move into an apartment. We quickly discovered that the services provided and the freedom from maintenance alone was exactly what we needed.”

4. The Second Home

Another common reason we hear baby boomers looking to downsize is because they would like to own, or already own, a second home. Joyce Luther, another client of Enlight, told us “We own a second home in Italy and downsizing gives us the financial flexibility to be gone for months at a time if we want.”

The Penny Lane Home BuyersDifference

Whether it’s a financially savvy decision or simply the only solution, many baby boomers are choosing to downsize when it comes time to plan for retirement.

Penny Lane Home Buyersprovides the easiest and fastest solution for baby boomers to sell their house fast for cash. No repairs, maintenance or cleaning necessary. We know you have other things to look forward to then all the hassle and expense of selling a home.

55+ Homeowners Plans for 2020

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Live in my current home the rest of my life.
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Move closer to other family members
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Move closer to children or grandchildren
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Move to a warmer climate
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Move to a Retirement Community
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Move in with adult children

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WHAT OUR CLIENTS SAY

Testimonials from those we’ve helped


“Penny Lane Home Buyers Homebuyers is an excellent company to work with! They made the process quick, simple, and worry-free. Everyone was honest and open from start to finish. I would highly recommend this company!”

– Mariah Clark

“We just purchased and moved into a house that had been renovated by Penny Lane Home Buyers and we absolutely love it. We have very high expectations for our new home and Penny Lane Home Buyers met them all. Carpet, paint, wood floors and bathrooms were all refinished perfectly and with high quality, fashionable fixtures. Their experience and attention to the small stuff shines when you see their completed homes. In addition to refinishing my new home, they sold my existing home from start to finish with patience, ease and professionalism. Love that team!”

– Carol Huls

“We had such a great experience with Penny Lane Home Buyers! They bought our house very quickly and the process was seamless! I wouldn’t ever choose anyone else to sell a house to! I would HIGHLY recommend Penny Lane Home Buyers in the future!”

– Amy Bullington

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Call 805-250-4520