Living and working in Providence, it has been easy to notice that the local population is aging and that the older age group has grown tremendously. What college towns have to offer is clearly attractive to retirees and pre-retirees. This week on The Money Pro$, I will be joining host Oliver Tutt, and guest host Robert Auclair to discuss the issue of downsizing in the aging population. Oliver is a Certified Financial Planner and creator of Randall Financial Group and Robert is a partner in the firm. These days, downsizing does not necessarily mean a smaller or less expensive home, instead the concern is lifestyle. Baby Boomers make up a significant amount of home buyers, especially in Rhode Island. These people, now between 47 and 65 years old, are “younger”, healthier and have more disposable income than the previous generations. As they switch residences, they move into areas that satisfy their cultural and social interests. Residing in a walkable town filled with arts, entertainment, great restaurants and a lively atmosphere, like college towns, is extremely appealing to this generation.
Many of these buyers are searching for certain amenities in their homes, as well as location. They are in pursuit of homes with higher quality features, lower maintenance and proximity to public transportation and health care. In addition, features which they may not have worried about before now, are of growing concern. A universal design which generally offers single story living, accessibility and maneuverability have become of great importance. The ideas of convenience and lifestyle are making cities and tight knit communities the destinations of choice for the downsizing community. To hear more about this in depth, be sure to tune into The Money Pro$ this Sunday the 11th at 11:30 on Fox Providence.
