Sorry Smart Growthers, Baby Boomers Aren’t Interested

One of the articles of faith among smart-growth advocates is that retiring baby boomers will want to move into downtown or suburban high-density, mixed-use developments. In 2009, “Chris” Nelson himself came to Damascus, a very low-density suburb of Portland, to tell residents how wonderful it would be if they rezoned their city for high-density housing. (Nelson is the University of Utah planning professor who claims the United States will have 22 million “surplus” single-family homes by 2025 because so many Americans will prefer to live in multifamily housing.)

A recent survey of affluent baby boomers tossed some water on this theory. The survey found that 65 percent of baby boomers plan to stay in their current homes when they return (down from 80 percent of their parents). Of the remaining 35 percent, only 4 percent say they want to move to a downtown condominium and just 3 percent say they want to live in a suburban condo. By comparison, 14 percent say they hope to move to a resort community.
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This suggests that twice as many want to move to lower densities as those who aspire to higher densities. While this survey was only of high-income baby boomers, I suspect the answers of other baby boomers wouldn’t be much different. Any investors who put money into downtown or suburban condos based on Nelson’s ideas are likely to lose that money.