This generation makes up about a quarter of New Hampshires population and owns a large share of the homes.
Baby Boomers comprise a significant portion of this demographic wave.
New Hampshire exemplifies this trend with boomers owning roughly 167,000 homes statewide.
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Downsizing to condos or apartments?
Moving to warmer climates or closer to family?
Or are they aging in place and staying put?
Surveys consistently find that the majority want to remain where they are as they get older.
Financial Factors Supporting Aging in Place
Financial factors strongly support aging in place.
for a mortgage-free boomer household is only around $612.
This means theres little financial incentive to move.
Selling and buying something else could actuallyraisetheir expenses, especially now that home prices and interest rates are high.
Many empty-nest Boomers simply adapt their big houses to their current needs rather than move.
Home price trends illustrate this squeeze.
From 2019 to 2022, the median home price in New Hampshire soared by about 50%.
As children move out and retirement begins, plenty of New Hampshire Boomerswould liketo downsize at least in theory.
However, downsizing has proven easier said than done in the Granite State.
One major challenge is the scarcity of suitable smaller homes.
New Hampshires housing stock tilts heavily toward family-sized single-family houses the classic three-plus bedroom suburban home.
Both groups often seek similar properties the cozy two-bedroom house, the affordable condo, the easy-to-maintain apartment.
But New Hampshire simply hasnt built enough of these options.
Now theres a crunch: everyone wants smaller homes, but there are too few to go around.
Affordability Challenges
Even when a downsizer-friendly home does hit the market, affordability is a hurdle.
The law of supply and demand has driven prices of condos and small houses up sharply.
These are often smaller single-floor units, cottages, or townhomes that restrict ownership or occupancy to older adults.
The challenge is that the scale of construction hasnt yet met the scale of demand.
But in the late 2010s and early 2020s, Baby Boomers surprisingly re-emerged as a powerful buying force.
National data show that in 20222023, Boomers overtook Millennials as the largest generation of home buyers.
In fact,wanting to be closer to familyis one of the top reasons Boomers purchase homes.
Unlike younger buyers, Boomers often have substantial home equity and savings.
Nearly half of recent home purchases by Boomers were all-cash transactions, according to the National Association of Realtors.
This makes them very competitive buyers in a tight market like New Hampshire.
When New Hampshire Boomers do buy homes,whereare they buying?
Data indicates they arent chasing big-city living.
This suggests a preference for areas that are peaceful but still have convenient services.
Boomers as Sellers: Are They Cashing Out?
Baby Boomers also make up a huge share of home sellers in New Hampshire.
Some New Hampshire boomers have adult children who moved out of state.
Retirement often prompts people to rethink their housing.
New Hampshire has certainly contributed to that stream, with some boomers selling and moving south permanently.
Thus far (20182023), that wave has been more of a gentle ripple.
Many Boomers are delaying sales until later.
So in the 20182023 window, we are only seeing the early stages of that transition.
Regional Shifts: Where Are Boomers Moving?
Geographically, Baby Boomer housing trends in New Hampshire have varied by region.
Those who move within the state often relocate closer to services and family in these southern counties.
There hasnt been a large-scale movement of Boomers into downtown urban living.
But by and large, boomers here prefer suburban or rural parameters.
This might reflect moves to be near suburban-living children or just a comfort with the suburban lifestyle theyve known.
Meanwhile, those Boomers who remain in more remote rural homes oftenstayuntil health or family needs push a change.
In New Hampshire there are over 38,000 boomer-headed renter households.
These could be lifelong renters or former homeowners who sold their house and decided to rent for flexibility.
Renting can appeal to older adults who no longer want the responsibilities of maintenance and property taxes.
However, New Hampshires rental market in recent years has been extremely tight and expensive.
The statewide vacancy rate for rentals is under 3%, and rents have been rising rapidly.
Between 2017 and 2022, the median rent in New Hampshire climbed about 36%.
Such prices are out of reach for many retirees unless they have substantial savings or long-term care insurance.
These can be rental apartments or condos where residents are all 55+, providing social activities and reducing isolation.
This might involve building an in-law apartment onto a family members home, or occupying a spare bedroom.
Comparing 20082017 to 20182023: Whats Changed?
Baby Boomers housing behavior has shifted noticeably from the late 2000s/early 2010s to the late 2010s/early 2020s.
By 2018, Boomers were about 54 to 72 years old, entering retirement en masse.
Changed Economic Conditions
The earlier period began with the Great Recession and housing crash of 20082010.
Many Boomers saw their home values plummet and their savings hit, causing some to postpone moves.
Homeownership Concentration
The share of homes owned by older adults grew over time.
But by 20182023, older generations reached a majority of homeownership.
Americans 55+ went from owning 44% of homes in 2008 to 54% by 2023.
So the influence of Boomers on the housing market became much larger in the latter period.
Boomers were sellers to those millennials in many cases.
Fast forward to 2022, and Boomers reclaimed the top buyer spot, partly because millennials hit affordability walls.
This has meant fewer homes on the market, contributing to the tight housing conditions that younger buyers face.
The expected flood of listings from retirees has been more of a slow drip.
