Much has been made in the media over the past five years over the big numbers of millennials seeking apartments rather than single family homes. Now, in the past year, the discussion has shifted to the newest noted generation, dubbed Gen Z.
Years ago, the so called “Baby Boomer” generation defined the American Dream as having a house with a white picket fence. But now as this generation begins to age, retire, and downsize, the American dream has changed. It is now apartments that the Baby Boomers are moving to in droves.
Baby Boomers (those born between 1945 and 1964) love the apartment lifestyle, for many reasons. First off, many of them are retiring or are becoming empty-nesters, and they need to downsize. There is no need for them to upkeep a huge house – and they are keenly aware that this does not make financial sense either.