When you think of the term “senior,” what comes to mind? Do you think of a specific age group? Do you have an image in your mind of what a “senior” would look like? Do you ever think about there being more than one type of “senior?”
A lot of times, we tend to use umbrella terms or statements to describe a certain person or a certain age group, but forget that within that umbrella term, there are tons of unique individuals with their own wants and needs. The same can be said for the term “senior.”
As a Seniors Real Estate Specialist®, I don’t always work with the same type of “senior.” Because of this, it’s important to break down that umbrella term into a couple of different sub-categories, to better describe the specific person you’re working with, and narrow down exactly what they’ll want in both a Realtor® and a home.
Younger boomers typically encompass the 51-60 year age group. Those ages 61-69 fall into the older boomer category. The Silent Generation, those ages 70-90 years, typically make up the smallest share of home buyers by generation.
Younger boomers typically encompass the 51-60 year age group. When making their next big housing decision, they’re more likely to be interested in multi-generational homes to accommodate older teen or adult children, or aging parents that may need health or care assistance. Compared to their older counterparts, this age group is more likely to have a higher income, and more likely to make a job-related move. If you plan on marketing to this group, try to avoid the term “senior” as many don’t feel old just yet, and are still enjoying life in their prime.
Those ages 61-69 fall into the older boomer category. Unlike younger boomers, who may be shopping for a home to accommodate a larger family, older boomers are more focused on downsizing and finding a forever home as they enter retirement. Since this age group doesn’t have to worry as much about moving based on the quality of a school district like their younger counterparts might, they are more likely to move greater distances and are focused on the quality of the neighborhood they plan to move to, and the convenience of reaching family and friends.
The Silent Generation
The Silent Generation, those ages 70-90 years, typically make up the smallest share of home buyers by generation. A majority of the Silent Generation are well into retirement, and will most likely have a lower income compared to their younger counterparts. They are more likely to purchase a duplex or condominium or seek out some form of senior housing, rather than a single family home. Many may have health issues as they age, or have a hard time taking care of a larger house, and will benefit from a community with easily accessible amenities and transportation. Many of these homeowners are eager to downsize and may be more willing to offer incentives to attract buyers, potentially making your job easier.