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Baby Boomers Tag

Senior couple holding red mugsWhile there is much talk about how Millennials prefer renting apartments over home ownership, there is another important demographic group that is moving to apartments in droves: Baby Boomers.

In 2016, the Baby Boomer generation begins turning 70 years old, ushering in two decades of quick growth in the “senior” population. This group is more than 75 million strong, slightly less than the current largest demographic group – Millennials. These Boomers – who are more active than the seniors before them – are often empty nesters who seek the convenient and luxurious amenities that apartments offer.

Here are the top 4 reasons Baby Boomers love renting apartments:

  1. Walkability and easy transportation from apartments to jobs and activities they love to do. Baby Boomers are choosing to live in urban apartments so they can bike or walk to work, use public transportation and walk to restaurants and shopping, according to Angela Sweet, director of Destination Services for CORT. Making the search for the perfect apartment easier for Baby Boomers, ApartmentSearch.com offers a walkability score for each apartment complex, on a scale from one to 100.

Solving EquationWhy US Millennials, Baby Boomers Choose the Apartment Lifestyle

More Americans, of every age and economic bracket, are choosing to live in apartments. They love the convenient, affordable lifestyle that apartments offer much more than the burdens and expenses of home ownership. Baby boomers – typically empty-nesters – and Millennials, those between 18 and 34 years old, are two of the biggest demographic groups renting apartments now, said Angela Sweet, Director of Destination Services for CORT.

Four Baby Boomers Standing in One RoomYears 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.

Happy couple cycling in the cityMillennials (20 to 35-year-olds) are heading to apartments in droves, not only for the value they offer but also because the apartment lifestyle matches their personalities. This massive group of approximately 77 million consumers is important in part because of its incredible buying power. The only demographic group closest in size is the Baby Boomer population.

Many of these children of Baby Boomers grew up in single-parent households and, as such, had more responsibility than any generation before them. This led to not only a greater sense of value, but also a greater sense of their own self-worth and independence. Some millennials are still in college or have just graduated. They are not interested in buying a home; instead, they are seeking apartments that offer them the convenience, value, and lifestyle they want.