The Great Recession may have ended roughly ten years ago, but the implications of that market downturn cannot be understated. Citizens across the country experienced home foreclosures, and the impact on the elderly is quite revealing. Baby Boomers who lost homes during that period are turning to rentals as they begin to enter retirement in droves. There are two primary reasons which point toward this growing trend.
Baby Boomers placed retirement in the hands of the stock market, and many lost this gamble due to questionable lending practices. With the loss of unrealized income and homes, many Baby Boomers cannot afford to become homeowners again. For those individuals who are still in the hole, reaching out to organizations like Sun West Mortgage can create a clear path forward.
Baby Boomers are certainly not getting any younger. Homeownership is costly, and repairs are often completed by the owners to reduce expenditures. These repairs are physical and are more suitable for younger individuals. Many firms such as Sun West Mortgage assist in the financing of home repairs for homeowners of all ages looking to afford professional maintenance.
As Baby Boomers gracefully exit the workforce, the entire economy will begin to shift with this change. Based on current market data, the elderly seem content with relinquishing homeownership during retirement.