From Baby Boomers to Senior Boomers

The end of WWII dramatically changed the U.S. economy. Returning Vets received many benefits including housing and education. As they returned to the work force they began having families. The kids from these new and growing families were labeled the Baby Boomers as the trend continued for the next 20 years.
The increase in families brought about the need for more housing. Developers bought cheap land just outside the larger cities which became the suburbs. These were the days when we had an abundance of manufacturing work and anyone who wanted a job could find one. Soon everyone owned an automobile which created a whole new culture. This begot the demand for a national highway system, shopping centers, malls, fast food, motels, schools, businesses, etc. Thus the country prospered even more.
As adults, Baby Boomers were introduced to a nearly endless source of funding we now call credit. While the previous generation, having been through a depression, had a more “pay as you go” philosophy, the Baby Boomers quickly adapted to the many methods of available cash to increase purchasing power. And then we bust. A large number them didn’t plan ahead for retirement. Many of them experienced layoffs and some even lost their homes in foreclosure.
Here we are 60-70 years later. Those Baby Boomers are now Senior Boomers and the tide has changed. What now?
The vast number of Baby Boomers becoming seniors is creating an increasing demand for housing and services. The fact that people are living longer amplifies the dilemma.
Tackling the senior housing problem will have to come from several sources.
· Families will bear the brunt of providing housing and caring for parents and grandparents. In some cases, multigenerational housing will result in up to four generations residing under one roof.
· Seniors who have lived in their homes for decades, and no longer have a mortgage, will be renting their homes to subsidize the cost of smaller, better equipped independent living or assisted living housing.
· Private companies will be providing expanded home care and health services. There is already a surge in this industry.
· Designers, developers and contractors will reconsider traditional plans to meet the needs of the multigenerational and aging populations.
· “Grey” technology will be emerging to cater to seniors with special needs or limited mobility.
· Organizations will be vital in catering to senior needs. Volunteers, senior centers, churches and civic centers will all be crucial in helping seniors continue to live independently.
· Cooperative living models, such as co-housing, urban villages, virtual retirement villages and other types of communal living and shared common space will provide some with options.
· Government involvement will be important in planning, zoning, and creating adequate public services and transportation options. Local governments may be dealing with escalating public costs associated with meeting the needs of an expanded senior population.
The problem will multiply if many of the coming of age Boomers don’t address a plan for their senior years until it’s too late. Budgeting for the future is imperative to attaining a comfortable lifestyle. Seniors who rely on social security to be their main source of income will be those most dependent on government subsidies and non-profit programs.
As the general population grows there will be less and less affordable housing. As the senior population increases there will be a shortage of caregivers and services to meet the demand. If we continue on the path we’re on, it will ultimately place a huge burden on our communities. Nothing will change unless we take charge of the future and address it now.
Note: Special thanks to John D. (Skip) Frenzel, Long Term Care Specialist, for sharing his notes on senior care issues.

Sandy Adams is President and Co-Founder of Rental Housing Network. RHN is an information and resource center for property owners, managers and Realtors to help them better manage their rental properties and become more informed landlords.. Sandy also hosts a weekly radio show The Rental Housing Network Show on KLIV 1590, Silicon Valley News Station. You can listen to previous shows on the RHN website under Media Gallery or on YouTube.
Sandy has represented clients as a residential property manager for nearly 30 years.
For more information about RHN you can visit the website at http://www.rentalhousingnetwork.com.

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