Facts & Figures On Today's Retirees

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These details below may or may not surprise you, but they do tell you a lot about the aging population in the United States.  Think beyond 'sandwich generation'; today's seniors are making a number of choices that you should be aware of.  This growing population is prioritizing the things important to them.

The average debt level for Americans aged 55 and older in 2013 was $73,211. Debt was down slightly from $80,465 in 2010 but higher than the $36,144 average seen in 1992. 

42% is the percentage of households aged 65 to 74 who had housing debt in 2013. Of those aged 75 and older, 20 percent had household debt.
(Source: Employee Benefit Research Institute, Debt of the Elderly and Near Elderly, 1992-2013) 

1 in 3 is the share of Baby Boomers who will move out of the state when they relocate. The majority (67%) are expected to stay in-state and more than half of those will relocate whitin 30 miles of their current home. (Source: The Demand Institute)

Persons reaching age 65 have an average life expectancy of an additional 19.2 years (20.4 for females and 17.8 years for males). 
(Source: Administration on Aging:"Profile of Older Americans 2013") 

 

Chicago North Shore Seniors Real Estate Specialist

 

Almost half of older women (45%) age 75+ live alone.
(Source: Administration on Aging) 

75% is the majority of Baby Boomers say they want a single-story property for their next home. 
(Source: The Demend Institute, "Baby Boomers and Their Homes") 

Over 3.9 million elderly persons (9.1%) were below the poverty level in 2012. 
(Source: Administration on Aging) 

132 million equals the number of the people in the U.S who will be at least 50 years old by 2030. Americans aged 65 and older will nearly double in that time as Baby Boomers grow older. 
(Source: Joint Center of Housing Studies of Harvard University) 

More Americans are putting off retirement and working past 65. Less than half (47%) of Baby Boomers are retired today but that will climb to 58% in five years.
(Source: The Demend Institute, "Baby Boomers and Their Homes") 

63% shows the number of Baby Boomers who expect to "age in place" and remain in their current home. 
(Source: The Demend Institute)

14% of all home purchases were by a multi-generational household, consisting of adult siblings, adult children, parents and/or grandparents. 
(Source: NAR National Association or Realtors(R) Home Buyer & Seller Generational Trends study) 

 

Five  Traits of People Buying Senior Housing or in Active Adult Developments:

Party like it's 1999. The typical home was built in 1999. 

41% considered a home in a planned community important to their neighborhood choice. 

13% bought in senior housing or in active adult communites. 

33% considered convenience to health facilities important. 

A typical buyer plans on living in their home 15 years. 
(Source: NAR 2014 Profile of Home Buyers and Sellers) 

 

If you are downsizing in Chicago, Chicago North Shore or Chicago Northwest suburbs, I am a great resource for you. Contact me today 847-878-2588 for any real estate needs you may have. 

 

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Haris Dedic is also a Certified Senior Real Estate Specialist

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