Since I make it a habit of following real estate trends, I’ve been wondering who will buy the baby boomers’ big houses when it’s time for them to downsize. I’m sure you’ve seen trending articles stating Millennials do not want the family china, antiques, and other stuff filling their parents’ home. The big question is, will they want to move into the family home, or purchase one of their choosing? Perhaps smaller and closer to the urban center–time will tell.
The giant boomer generation owns two out of every five homes in the United States. Let that statistic sink in for a few moments. That’s 32 million homes. Here’s the article I’m quoting if you would like to delve deeper.
Urban living is popular with Millennials and younger home buyers. The idea of living in the center of the city rather than the suburbs has wide-spread appeal to the under 40 crowd. More young people are eschewing obtaining a driver’s license in favor of public transportation, Lift and Uber. If this trend continues, it will impact car sales and suburban homes in the not-too-distant future.
Fortunately for future home sellers on the Palos Verdes Peninsula, the coastal location will continue to attract affluent buyers. A superior school system will attract home buyers, and Palos Verdes has outstanding public as well as private schools. The coastal location and stellar schools certainly will continue to prop up housing values on the Palos Verdes Peninsula and lessen the sting of an impending sell-off of homes currently occupied by baby boomers.
Selling Palos Verdes Properties Since 1992