Baby boomers who don’t want to retire to a distant locale (some place warmer or cheaper) may be causing a long-term drag on the U.S. housing sector – and the economy. According to a survey done by Home Depot – 89% of older Americans want to stay in their present houses for as long as possible. But companies like Home Depot are seeing a business opportunity in reaching out to boomers who want to stay put. CNBC’s Jane Wells reports in our regular series – Boomer Nation.
Home Depot is selling products that make typical household appliances, cupboards and fixtures more senior-friendly. The company now offers soft-fall showerheads for sensitive skin – under-cabinet lighting to lessen eye strain – and motion-sensitive faucets for arthritis sufferers. Pulte’s Del Webb division also is focusing its development building on these ideas.
According to that Home Depot survey – suburbs will now gray faster than cities. The Mortgage Bankers Association says this will have a high impact on real estate as boomers retire. The most dramatic effects will be seen in Nevada, Colorado and Georgia.