Portland Home Buyers are Ready to Retire

Is Portland’s housing market ready to accommodate the coming flood of retirees?

According to the U.S. Census Bureau, the number of people 65 and older in Washington County (West Portland and suburbs) grew 24% from 2010-2014. That’s just the leading edge of the baby boom, the majority of whom are going to turn 65 in the next decade. According to the AARP, 30% of Portland’s residents are already 55 or older.

It’s pretty easy to understand why Portland is getting attention as a retirement destination right now. Our temperate climate allows gardening practically year-round, our diverse community provides an abundance of opportunities to be engaged and active, and outdoor recreation opportunities abound within the city as well as around it. Most neighborhoods are walkable, our public transportation is award-winning, and our crime rate is (relatively) low. Retirement in Portland means that seniors can have their cake and eat it too — the conveniences of the big city, and the quality of life of a small one.

So, as the average household size declines, what’s going to happen to the housing market here in Portland? Luckily, growth is happening in all demographics, not just retirement. According to the City of Portland’s 30-year projections, the number of households total is going to increase to around 350,000 by 2035. That’s 100,000 more than in 2005! This annual percent growth rate translates into a need for 3,500 – 4,500 housing units to be added each year.

And most seniors who are retiring in Portland aren’t from out of the area, they’re local! We saw an influx of young, educated people moving here in the 1970s to work, and now they’re sticking around to retire. While Portland has an abundance of assisted living facilities and senior-only housing to choose from, many will choose to age in place. It’s an option that’s becoming increasingly popular as home accommodations for changing bodies get more and more safe and affordable. Those wishing to live out the rest of their years at home may choose to remodel their living spaces to meet their needs, or simply build a new suite or ADU for themselves and leave the rest of the house for younger family members or caregivers who may want to cohabitate.

Interestingly, despite the name, the baby boom generation actually isn’t the largest generation around. They are now outnumbered by the millennials, born between 1982 and 2000. Nationwide, they number about 83 million — about seven million people more than the baby boom generation. And, just as they did in the 70’s, those young people are again flocking to Portland to pursue economic opportunity in a housing market that remains affordable.

Luckily, the answer is yes: Portland will be able to accommodate the new residents young and old, with enough land in its urban growth boundary to keep building for the next 35-year planning period.

So no matter if you’re looking for a home to retire in or one to start a family in, you’ve come to the right place. Just make sure you have an experienced Portland real estate agent on your side to save you time, money and hassle, so that you can get into your new home and on with your life!