Real Estate News

Could changes in lifestyle trends affect homeownership?

Published: 18 May 2017

The interests of Millennials as well as the longevity of older Americans are undoubtedly factors on current housing sales. Widespread opinions about aging, retirement and other milestones could continue to change, and force the housing market to evolve with it. It's possible that the needs of the upcoming seniors and middle-age buyers could influence how they handle their property.

According to a Gallup Poll, 74 percent of Americans plan to keep working beyond retirement, and many plan to retire after they turn 65. Although the majority of respondents also said that they plan to work part-time during their retirement years, there's an implication here that work will still be important to the aging generations.

What's more, the source also clarified that this may be a genuine preference, not an economic necessity. Since workers in the 1990's said that they would retire around age 65, the survey said, it could mean that work is more important now, or that priorities have generally shifted.

This matters for the housing market because of the importance of timing when it comes to buying a home and settling into it. A piece for TIME recently looked at the different opinions around moving, aging and deciding on the right home.

As it noted, this depends a lot on the health and personal situation of the buyer. Some are simply in a better position to change their living situation when they are younger (or, as the source said, in "early retirement."). Obviously, the financial state of the buyer matters, too, and can reflect all of this. When someone already owns at least one home, they may also have to choose whether it's worth "aging in place" or perhaps leaving assets to other relatives or kin.