There are lots of valid reasons to downsize for baby boomers. If you’re looking to purchase a smaller property, best believe you aren’t alone. Downsizing, especially by Boomers, can be beneficial for both those downsizing and those wanting to move in, such as Millennials. As a matter of fact, the benefits are so good for everyone that we should encourage it more often. Don’t believe me? Look at the facts!

Relief of Financial Stress vs Increasing Inventory of Larger Homes

As more baby boomers retire, they begin to have genuine monetary concerns that pensions alone might be unable to solve. Downsizing is one good way to increase their financial safety net as they sell their often larger, more expensive properties for smaller, less expensive ones, keeping the difference in their savings. This will also often result in a reduction in ongoing costs such as property tax and utilities, which may overwhelm those without a steady income. With their children for the most part independent and out of the house, this is a highly practical decision. The other good thing about this is that it simultaneously increases the inventory of larger homes that are available for younger generations so millennials and Generation Z can own homes for themselves and their families.

Major Relief in Traffic for Millennials/Generation Z

The burden of chronic health problems is often felt by baby boomers. This is often worsened by environmental factors such as living in large cities where healthy lifestyle practices are harder to follow. One consequence of living in the city is heavy traffic and noise. Everyone knows how car honks in the morning can affect your sleep and stress levels, not to mention the additional pollution and car fumes. If boomers downsize and move to the suburbs where there are fewer people, they can get away from all that and experience fresh air.

As an added benefit, they also don’t have to be part of the traffic jams that are everyday occurrences in major cities. The homes that they open up can help Millennials live closer to work, reducing the amount of time spent in traffic while commuting to work. A great win-win-win situation which is great for boomers, millennials and the environment, right? Also, younger generations might be able to benefit from a first time home buyer incentive and buy or rent these homes at affordable rates.

Less Time Is Wasted

No one loves to take care of unused space. What if boomers decided to downsize and live in smaller properties that need way less maintenance? This is a super amazing way of creating more time for important things such as spending time with family. However, they should follow advice from experienced realtors in order to sell their home for the highest price.

It also goes without saying that boomers who might have health issues (such as back pain, asthma, heart issues) aggravated by the consistent need to clean the house would experience significant relief in their health.

For Generation Z and Millennials, living closer to work is a benefit of boomers’ downsizing, and this helps them spend less time commuting and actually devote that time to engaging in productive work.

Did you know that automobiles are the single most important contributors to our total ‘carbon footprint’? When millennials spend less time commuting in automobiles, there would be a net reduction in our carbon footprint as fewer greenhouse gases are emitted. This way, the rate of global warming actually drops. Cool, right?

Wrapping Up

Money and time are two invaluable resources that ultimately contribute to living a healthier and more comfortable life. If downsizing by baby boomers, helps both boomers and millennials achieve this, then we’d recommend baby boomers to go for it!