It’s not so much the grand sun, it’s the grandson (or granddaughter) who’s enticing more baby boomer parents to relocate these days.
Instead of moving to sunny Tucson or balmy Ft. Lauderdale, baby boomers are increasingly packing up to be closer to wherever their millennial children and grandchildren are. And the city of Dallas comes in fifth as one of the top cities now attracting this demographic.
Often these baby boomers are empty nesters who are moving to help their adult children with financial support or child care, or just to enjoy more quality time with the little ones. But regardless of the reasons, so many baby boomer parents are relocating that there’s now a term for it: baby chasers.
Recent housing market data and trends gathered by Meyers Research, a real estate analytics company, showed 25% of baby boomers overall are planning to become baby chasers. Considering there are roughly 76 million baby boomers in the U.S., that’s a lot of relocations — and adult children and other family members need to have candid, open conversations about where their parents plan to move.
Will it be to a retirement community where their baby boomer parents can also enjoy independent living?
If their aging parents have health issues, are they planning to live in an assisted living facility so they can also receive health care?
Or are these empty nesters thinking of moving in with their adult children or other family members who also live close by?
What baby chasers are looking for
Baby boomers have long been stereotyped as one of the wealthiest generations in U.S. history. And indeed, they’ve lived through some of America’s most prosperous decades, hold roughly $7.6 trillion in buying power and control about 70% of all disposable income, according to a white paper on baby boomers by U.S. News & World Report.
They’re also finding that 2021 is a seller’s market, driven in large part by low interest rates and low inventory.
Yet they’re not keen to spend their entire nest egg on their next move. They’ve also got other items on their relocation wish list.
- Affordability: These baby chasers are looking for affordability over everything. They’re leaving their current city and looking to sell their home, buy something more affordable, and pocket the profits.
- Size matters: They’re also looking for a smaller home, but nothing too small. They may be moving out of a home where they raised three or four children, but as empty nesters, they no longer need a four- or five-bedroom house. The home size they prefer now is 2,500 square feet or less.
Why under 2,500 square feet? That’s easy: They want space to entertain the grandkids. So they seek homes with a spare bedroom or two to host sleepovers, larger living areas to accommodate play time, and outdoor space for activities to keep the grandkids entertained. It makes sense, since they’re hoping to be the first choice as babysitters.
- Quality matters, too. They don’t need so much space, but they definitely don’t want to sacrifice quality. They still expect similar amenities as they had in their previous homes, but now they’re hoping for a senior-friendly design like zero-entry showers and laundry on the first level (or no stairs at all).
- Low taxes may be an incentive. And though their children are the drivers of where they’re relocating, baby boomers are happy to discover some states offer some attractive tax benefits. Texas, for example, has no state income tax, and there may be property tax exemptions people over 65 are qualified for.
- Care could become a factor: Something else these baby-chasing boomers are thinking about: While they may initially move into a smaller single-family home than the one they left, they’re also assessing the availability of retirement communities, assisted living facilities and skilled nursing care facilities that may be near where their adult children and grandchildren live. They’re also thinking about the possibility of bringing in home health care so they can age in place longer without relying on adult children or a family caregiver.
Why retirement communities may be the ideal choice
Even if baby boomers are able to live independently today, as they age, their health issues may require a higher level of health care. Many aging parents don’t want to burden their spouse, friends and family members, yet they also don’t want to bring in home care. That makes a senior living retirement community an appealing option.
Considering all the above items baby chasers are looking for when they relocate, see how a retirement community like Ventana by Buckner ticks every box.
- Affordability: A retirement community like Ventana by Buckner may actually be more affordable than choosing to live at home. Even if parents are able to avoid a mortgage when they relocate to their new house, there are property taxes, insurance, maintenance and upkeep, groceries, utilities, and other costs. Factor in any major expense like a new roof or new HVAC, along with costs of hiring out duties like lawn work and landscaping, and homeownership doesn’t seem like such a deal.
There’s also the discretionary money older adults may spend, such as for movie theater tickets, country club memberships and pool passes, going out to eat, joining a gym — yet these are all amenities available at Ventana that independent living Members enjoy every day.
- Size: For older adults who want a smaller home but not too small, Ventana has the Scarlet, a two-bedroom, two-bathroom with den 1,612-square-foot floor plan with an open living and dining room. It’s just one of a variety of floor plans Ventana offers.
- Quality: Ventana is known as Dallas’ first and only luxury high-rise Life Care community for a number of reasons — the first being quality. From the five-star dining experience to the residence finishes to the staff hospitality, Ventana Members won’t have to compromise on quality.
- Tax breaks: At a Life Care community like Ventana, the entrance fee is considered by the IRS as a prepayment for any future health care the senior living resident may need. Because it’s a payment for medical services, it’s tax-deductible. The monthly service fee may also be tax-deductible. Older adults should always consult with their tax experts about any possible tax deductions associated with senior living.
- Care: Considering how much home health care can cost — in Texas, it’s estimated at $3,956 per person per month, according to Genworth’s 2019 Cost of Care survey — that can take a significant bite out of retirement savings. If both spouses need care, it can quickly deplete savings accounts. In addition to independent living, Ventana also has assisted living, long-term skilled nursing care and other levels to address a range of health issues. All this care is available right on-site, so no additional moves to another care facility are needed.
Baby chasers moving to Dallas may want to investigate Ventana
As a place to enjoy independent living close to everything, Ventana is almost perfectly situated to be your new home base. Located in northeast Dallas with stunning views of the Park Cities and downtown areas, with close proximity to North Central Expressway and Northwest Highway, our location keeps you minutes from your grandchildren in Carrollton, Irving, Richardson and Plano.
Get to know what life is like at Ventana, and discover how easy it is to relocate to our senior living community. Book your Ventana Guest Experience now or simply contact us to speak with a sales counselor.