Philadelphia is Seeing a Downsizing Trend in 2024

Philadelphia is Seeing a Downsizing Trend in 2024

For decades the generation slapped with the Baby Boomer title, now shortened to the name Boomers was the largest age demographic in the country. This generation received the name baby boomers because they were born at a time when men returned from war to their wives and celebrated by starting and building their families. During this time a large number of babies were born. This was the post-World War II era.

This massive in numbers generation has shaped much of American culture and economy until the Millenial generation made their entrance into the world in 1981 to 2000. The needs of Boomers shaped and reshaped many things, especially real estate. This was the beginning of the popularity of suburbs as Boomers became successful in the workforce and wanted to use their earnings to purchase the large ideal family home. It was their desire for homes that shaped communities built at the time. Philadelphia was no stranger to this path of following Boomer preferences.

But soon the Millenial generation surpassed the Boomers in numbers and as they grew up began to have more pull in shaping economic and real estate trends. They were the largest set of home buyers in Philadelphia and across the country beginning in 2014, until recently. The Boomer generation seems to be stirring the real estate market trends in Philadelphia once again.

Boomers are Once Again  the Largest Number of Home Buyers in Philly

Numbers from Philadelphia and also across the country show that Boomers are the current largest number of homebuyers. The oldest members of this generational demographic are largely in their retirement years. This has created an interest in homeowners and buyers of this age to look for homes that would serve them best at this stage of life.

There are still some in the baby boomer generation on the younger end of the timeframe who are going strong in the workforce and have no plans to retire anytime soon. This half of the boomer generation has been looking for the ability to work from home since the pandemic but doesn’t necessarily need the space of extra bedrooms for a large family. Some boomers simply want to get rid of extra maintenance as they conduct busy lives or just don’t want to spend time any longer on extra work. This has led many homebuyers in the boomer generation to seek out high-end condo communities, especially in Philadelphia.

More and more buyers in the boomer generation are finding an appeal to purchasing a low-maintenance but high-quality home that comes with extra amenities and allows the homeowner to enjoy the nicer things in life without having to come home from a long day of work and be bogged down with home upkeep tasks on nights and weekends. Some buyers are flocking to luxury condo communities like the Laurel in Rittenhouse Square’s northwest corner.

Renting Before Buying

Some homebuyers in their golden years of life who are looking to downsize are choosing the option to rent before buying a downsized property. They may retain their home and rent that out or offer for their grown adult children to use their childhood home as their own while they try renting a smaller property to see how a downsizing lifestyle fits them.

Renting a property first when considering downsizing gives someone the ability to try out a lifestyle without making a huge commitment. A majority of rentals only require a year contract and then a person can move on, stay put and renew their contract, or start looking for just the right downsized home to purchase. It is a great strategy for boomers who are looking to downsize but are not sure if it really is for them.

Regardless of the reason for downsizing it is seen in waves and many locations around the country right now from the boomer generation especially here in the greater Philadelphia area. If you are looking to downsize I am here to help.

No matter the next Philadelphia home you are looking for I can help you find it. Victory Real Estate is a boutique firm that offers the best in client care. Contact me anytime with any greater Philadelphia real estate needs.