Statewide Patterns and Regional Differences
Baby boomers have become an increasingly influential force in Colorados housing market.
This reflects Colorados influx of younger residents in recent decades alongside its aging longtime residents.
These range from upscale condos to cooperatives where residents buy a share in a senior community.
Shutterstock
Mountain and rural communities offer natural beauty but often lack easy access to medical services and transportation.
This can make some rural retirees reconsider staying in very remote areas.
Many moved into these suburbs in the 1980s90s and are now empty nesters.
Instead, boomers have been slower to sell than predicted, contributing to Colorados inventory shortage.
Housing Preferences of Baby Boomers
Downsizing vs.
Staying Put
A key question is whether Colorados boomers are downsizing, upsizing, or staying in place.
The answer is mixed.
Boomers often seek single-story layouts or smaller footprints to reduce maintenance.
However, a significant number are not downsizing at all.
This lock-in effect has kept many boomers in place.
Home bang out Preferences
Baby boomers in Colorado show clear preferences in home bang out.
Financial Aspects
Boomers generally have stronger financial footing than younger buyers, which shapes their purchasing behavior.
This cash-buying ability gave boomers an edge in the frenzied pandemic-era market, often outbidding millennial first-timers.
), and low maintenance yards.
Proximity to healthcare and shopping is important, so homes in established neighborhoods or near town centers are attractive.
Retirement Lifestyle
Many boomers are drawn by Colorados lifestyle as they transition out of full-time work.
Others, however, consider milder climates: some Colorado boomers leave for warmer winters (Arizona, etc.
), but those who stay are often those who value the four seasons or have strong community ties.
Housing Costs and Equity
The decision to sell or buy is often financial.
Colorados booming home values in the 2010s gave many boomers substantial equity.
On the flip side, high prices also meant affordability concerns.
Property Taxes and Healthcare
Economic factors like taxes and insurance weigh on decisions.
Healthcare costs also factor in proximity to quality healthcare (Denvers medical centers, etc.)
is a motivation to move for some with health conditions.
Lifestyle and Personal Preferences
Boomers housing choices also reflect lifestyle goals.
A majority of boomer homeowners either have paid off mortgages or refinanced into record-low rates.
This rate lock-in effect was a major reason boomers held onto homes, exacerbating Colorados low inventory.
In many communities, there simply were not enough condos, ranch-style homes, or senior-friendly units available.
Local and State Policies
Colorados policy landscape during 20182023 included measures that indirectly affected boomer homeowners.
Aside from the tax exemption discussed, Colorados legislature and municipalities grappled with zoning reform to address housing shortages.
Retirement-Friendly Regulations
At the local level, several initiatives emerged to make communities more age-friendly.
Consequently, the influence of boomers on housing grew.
But by the early 2020s, boomers had become the dominant buying group nationally and in Colorado.
Recession vs. Pandemic Market
The 2008 housing crash and recession hit right as some boomers neared retirement.
During 20082012, many boomers delayed retirement or relocation because their home values plummeted and portfolios shrank.
Some who might have downsized in those years held off until their equity recovered.
This contrasts with 20082010, when many older workers postponed retirement and stayed put.
Another contrast: housing inventory.
Post-2008, there was a surplus of homes (foreclosures, etc.
Homeownership Trends
Over the last decade, boomers solidified their hold on homeownership.
Colorado mirrored this trend: as younger generations struggled with affordability, boomers increased their share of ownership.
Many boomers simply stayed in their homes longer than previous generations, thanks to better health and finances.
The expected wave of boomer downsizing (silver tsunami) around 20152020 turned out smaller than anticipated.
Compared to 20082017, more Colorado boomers in 20182023 chose to age in place.
Technology and Home Search
One subtle change is how boomers buy homes now versus a decade ago.
The rise of online listings, virtual tours, and remote work affected them too.
The pandemic pushed some to buy homes sight-unseen to be near family.
This tech adoption made long-distance moves easier for retirees than it was in 2008.
Ten years prior, most moves were within the same city.
