New Hampshire’s Baby Boomers – those born between 1946 and 1964, now roughly ages 59 to 77 – have become a major force in the state’s housing market. This generation makes up about a quarter of New Hampshire’s population and owns a large share of the homes. In fact, New Hampshire has one of the highest concentrations of baby boomer homeowners in the nation (around 40% of owner-occupied homes are boomer-owned). Over the 2018–2023 period, their housing choices – whether to stay put, downsize, buy, or sell – have had a big impact on the state’s real estate trends.
An Aging Homeowner Population
New Hampshire’s population is older than most states (second-oldest in the nation, behind Maine). As of 2023, about 20.8% of New Hampshire residents are 65 or older, a share that has grown steadily. Baby Boomers comprise a significant portion of this demographic wave. Many of them achieved homeownership decades ago, and boomers now own a dominant share of houses in the state.
Nationwide, the proportion of homes owned by people over 55 jumped from about 44% in 2008 to 54% by 2023 – indicating that older generations hold a greater slice of housing than they did a decade earlier. New Hampshire exemplifies this trend with boomers owning roughly 167,000 homes statewide.
This aging ownership trend means New Hampshire’s housing market in 2018–2023 has been increasingly shaped by what Boomers choose to do (or not do) with their homes. When a large share of owners are in their 60s and 70s, questions arise: Are they selling those longtime family homes? Downsizing to condos or apartments? Moving to warmer climates or closer to family? Or are they “aging in place” and staying put?
Staying Put: Boomers Aging in Place
A clear trend in recent years is that most Baby Boomers are not in a rush to sell their homes. Surveys consistently find that the majority want to remain where they are as they get older. In a 2024 national survey by Redfin, 78% of Americans over 60 said they plan to stay in their current home for the long term. The reasons are easy to understand: their existing homes are comfortable, familiar, and often paid off or carrying low monthly costs.
Financial Factors Supporting Aging in Place
Financial factors strongly support aging in place. A large share of New Hampshire’s boomer homeowners have either paid off their mortgages or locked in low interest rates years ago. Nationally, about 54% of boomer homeowners have no mortgage at all, and those who do mostly have rock-bottom interest rates from prior years.
The typical boomer who’s staying put has very low monthly housing costs – for example, the median monthly cost (taxes, insurance, etc.) for a mortgage-free boomer household is only around $612. This means there’s little financial incentive to move. Selling and buying something else could actually raise their expenses, especially now that home prices and interest rates are high.
Emotional and Practical Reasons for Staying Put
Beyond finances, emotional and practical reasons keep Boomers in their homes. These houses are filled with memories, and staying near longtime neighbors, friends, and local doctors or churches provides stability in retirement. Many empty-nest Boomers simply adapt their big houses to their current needs rather than move.
It’s common for them to close off unused rooms (like adult children’s old bedrooms) and live mainly on the first floor of a multi-story home, reducing the upkeep on the rest. In other cases, seniors invest in home improvements – such as adding grab bars, stair lifts, or first-floor bathrooms – to make their long-time houses more aging-friendly rather than relocating.
Impact on the Housing Market
The cumulative effect of all this staying put is significant. Homes that might normally be coming onto the market are being held onto longer, contributing to New Hampshire’s tight housing supply. The New Hampshire Housing Finance Authority (NHHFA) noted that the strong desire of older residents to age in place has “limited the supply of homes available to purchase” for younger families.
This shortage makes it harder for first-time buyers to find homes and has pushed prices to record highs. Home price trends illustrate this squeeze. From 2019 to 2022, the median home price in New Hampshire soared by about 50%. Part of this rapid increase is due to high demand and low construction, but the fact that Boomers aren’t selling as much as expected is a contributing factor.
The Downsizing Dilemma
While aging in place is common, not all Boomers want to stay in large, now-half-empty houses. As children move out and retirement begins, plenty of New Hampshire Boomers would like to downsize – at least in theory. The idea of a smaller, single-story house or a low-maintenance condo can be very attractive: less space to clean, lower utility bills, fewer stairs, and maybe a chance to cash out some home equity for travel or medical expenses.
However, downsizing has proven easier said than done in the Granite State. One major challenge is the scarcity of suitable smaller homes. New Hampshire’s housing stock tilts heavily toward family-sized single-family houses – the classic three-plus bedroom suburban home. There are relatively few condos, townhouses, or compact one- to two-bedroom homes available, especially outside of city centers.
Competition for Smaller Homes
This shortage puts downsizing Boomers in direct competition with another large group: millennials and young families looking for starter homes. Both groups often seek similar properties – the cozy two-bedroom house, the affordable condo, the easy-to-maintain apartment. But New Hampshire simply hasn’t built enough of these options.
For years, the focus was on building big suburban houses (sometimes derided as “McMansions”), not on modest senior-friendly or starter homes. Now there’s a crunch: everyone wants smaller homes, but there are too few to go around.
Affordability Challenges
Even when a downsizer-friendly home does hit the market, affordability is a hurdle. The law of supply and demand has driven prices of condos and small houses up sharply. A modest single-level condo can carry a hefty price tag if it’s in a desirable 55+ community or walkable town center.
In southern New Hampshire’s hot market of 2018–2023, selling a large home and buying a small one often didn’t save money – it might even cost more. For example, the median price of all homes (including smaller ones) reached about $479,000 by 2023. So a couple selling a paid-off four-bedroom house might get a good price, but then find that a newer two-bedroom condo is just as expensive, negating the financial benefit.
Developer Response and New Construction
It’s worth noting that developers and planners have started responding to this gap in recent years. Recognizing the wave of aging Boomers, some towns have seen a rise in 55+ communities and senior-focused housing developments. These are often smaller single-floor units, cottages, or townhomes that restrict ownership or occupancy to older adults.
In the mid-2010s and into the 2020s, there has been a mini building boom in senior housing – everything from active adult condo communities to assisted living facilities. This shows that when appropriately sized housing is offered, many Boomers will take the opportunity to downsize or move into a community more suited to their stage of life. The challenge is that the scale of construction hasn’t yet met the scale of demand.
Buying New Homes: Boomers as Buyers
One might imagine that by their 60s and 70s, most people have settled into a “forever home” and aren’t active in the home-buying market. But in the late 2010s and early 2020s, Baby Boomers surprisingly re-emerged as a powerful buying force.
National data show that in 2022–2023, Boomers overtook Millennials as the largest generation of home buyers. They accounted for roughly 39%–42% of recent home purchases, a sharp jump up from a few years prior. This was a marked change from the period just before (mid-2010s to 2020), when Millennials were leading in home-buying.
Key Motivations for Boomer Buyers
Retirement Migration and Lifestyle Moves
As Boomers retire (often in their early to mid-60s), some do choose to relocate or buy a different home. In New Hampshire, this could mean buying a home nearer to family or friends (for example, moving to the town where the grandkids live). In fact, wanting to be closer to family is one of the top reasons Boomers purchase homes.
Others buy homes in areas that suit their retirement dreams – perhaps a lakefront cottage, a condo by the seacoast, or a house in a quaint small town with a strong community. Retirement itself is a major motivator: many Boomers move once they stop working, either to downsize or to change scenery.
Financial Advantages in the Market
Unlike younger buyers, Boomers often have substantial home equity and savings. Many have owned their previous homes for 20+ years, so when they sell (or tap equity with a reverse mortgage or HELOC), they can put a large down payment or even pay all cash for the next home.
Nearly half of recent home purchases by Boomers were all-cash transactions, according to the National Association of Realtors. This makes them very competitive buyers in a tight market like New Hampshire. While first-time buyers struggle with financing and rising interest rates, a boomer buyer can often outbid others with a cash offer or a hefty down payment.
Location Preferences
When New Hampshire Boomers do buy homes, where are they buying? Data indicates they aren’t chasing big-city living. Younger Boomers (in their 60s) were the most likely of any generation to buy in small towns, gravitating toward quieter communities.
On the other hand, older Boomers (into their 70s) were most likely to purchase in suburban areas or subdivisions. This suggests a preference for areas that are peaceful but still have convenient services. Overall, nearly half of boomer buyers chose suburban locales, and many others chose rural/small-town areas, with very few opting for city centers.
Boomers as Sellers: Are They Cashing Out?
Baby Boomers also make up a huge share of home sellers in New Hampshire. In fact, by 2022 they became the single largest group of home sellers nationally, accounting for 53% of homes sold. This makes sense – to be a seller you generally have to have owned a home for awhile, and boomers have been homeowners for decades.
Top Reasons Boomers Sell
When Boomers do decide to sell, their top motivations include:
“My home is too large.”
After the kids move out, a lot of boomers find themselves with more space than they need or want to maintain. In generational surveys, older sellers (in their 70s and 80s) were by far the most likely to say they were downsizing due to the home being too large. Selling a high-maintenance property can free them from shoveling driveways or climbing ladders to clean gutters – a relief for aging owners.
“I want to be closer to family.”
Just as being near family is a major reason boomers buy homes, it’s also a big reason they sell and move. Some New Hampshire boomers have adult children who moved out of state. As they age, the parents may decide to sell their New Hampshire home and relocate nearer to those kids and grandkids, even if it means leaving the state.
Retirement and Lifestyle Changes
Retirement often prompts people to rethink their housing. Boomers who retire in this period sometimes downsize as part of simplifying their life – selling the big house and moving into a condo, or selling a home up north and moving to a warmer locale for their golden years.
Sun Belt migration is a real factor: Florida in particular has seen a massive influx of retirees – it netted over 78,000 senior residents from other states in a single year (2021). New Hampshire has certainly contributed to that stream, with some boomers selling and moving south permanently.
The Silver Tsunami That Hasn’t Arrived Yet
Despite these reasons, the overall pace of boomer home sales has been slower than anticipated. Housing analysts sometimes talked about a coming “silver tsunami” – a huge wave of homes hitting the market as Boomers move to retirement facilities or pass away. Thus far (2018–2023), that wave has been more of a gentle ripple.
Many Boomers are delaying sales until later. The biggest surge in boomer home exits is actually projected to occur later in the 2020s and into the 2030s as the oldest Boomers enter their 80s. So in the 2018–2023 window, we are only seeing the early stages of that transition.
Those boomers who did sell in recent years tended to have owned their homes for a long time – the typical older Boomer seller had been in their house for 15+ years before selling. They often sold a detached single-family home and did not necessarily buy another home; some shifted to rentals or moved in with family.
Regional Shifts: Where Are Boomers Moving?
Geographically, Baby Boomer housing trends in New Hampshire have varied by region. Overall, most Boomers have stayed in-state, but there are some interesting internal migration patterns:
Rural and Recreational Areas
Certain parts of New Hampshire have seen an influx of older residents, either moving in or aging in place, leading to population growth. For example, Carroll County (in the Lakes Region and White Mountains area) had the fastest population growth in NH from 2020 to 2023 at about 4.7%, despite no major job boom there – suggesting that retirees and remote workers helped drive that growth.
This scenic region, with towns like Wolfeboro and Conway, is attractive for retirement due to natural beauty and recreation. Some Boomers from southern NH or out of state have bought homes there to enjoy lake life or mountain views in their retirement years.
Southern Suburbs and Towns
Many Boomers already live in the southern tier (Rockingham and Hillsborough counties), which are the most populated areas. Those who move within the state often relocate closer to services and family in these southern counties.
Rockingham County (home to towns like Portsmouth, Exeter, Londonderry) continued to grow (about 2.1% from 2020–2023), indicating it attracted migrants. For an older mover, southern NH offers top-notch hospitals, easier access to Boston (for those who still visit a big city or have family there), and often lower taxes than neighboring Massachusetts.
Cities vs. Countryside
New Hampshire doesn’t have big cities, but it has some urban centers like Manchester, Nashua, and Concord. There hasn’t been a large-scale movement of Boomers into downtown urban living. A few might trade suburban homes for condos in downtown Portsmouth or Manchester to enjoy restaurants and cultural life without yardwork. But by and large, boomers here prefer suburban or rural settings.
Interestingly, NAR data noted that older Boomers (70s) were the most likely to purchase in a suburb or subdivision of any generation. This might reflect moves to be near suburban-living children or just a comfort with the suburban lifestyle they’ve known. Meanwhile, those Boomers who remain in more remote rural homes often stay until health or family needs push a change.
Alternative Housing Choices: Renting, Assisted Living, and Beyond
Not every Baby Boomer in New Hampshire owns a home or stays in one. Some have shifted into other housing arrangements during the 2018–2023 period:
Renting
A segment of boomers are renters rather than owners. In New Hampshire there are over 38,000 boomer-headed renter households. These could be lifelong renters or former homeowners who sold their house and decided to rent for flexibility.
Renting can appeal to older adults who no longer want the responsibilities of maintenance and property taxes. However, New Hampshire’s rental market in recent years has been extremely tight and expensive. The statewide vacancy rate for rentals is under 3%, and rents have been rising rapidly. Between 2017 and 2022, the median rent in New Hampshire climbed about 36%.
Assisted Living and Senior Communities
As Boomers get into their upper 70s and 80s, some will require more help with daily life. Assisted living facilities and continuing care retirement communities (CCRCs) have been expanding to meet the growing senior population.
But cost is a major factor: New Hampshire is actually the most expensive state in the country for assisted living, with the average monthly cost around $8,248 – nearly double the U.S. average. Such prices are out of reach for many retirees unless they have substantial savings or long-term care insurance.
There’s also a trend of independent senior living communities (for active seniors who don’t need personal care, just a community of peers) growing in the state. These can be rental apartments or condos where residents are all 55+, providing social activities and reducing isolation.
Aging with Family
Some Baby Boomers have chosen to move in with their adult children or other family members rather than live alone or pay for assisted living. This might involve building an in-law apartment onto a family member’s home, or occupying a spare bedroom.
Such multi-generational setups have seen a slight rise nationally, and New Hampshire is no exception especially during the COVID-19 pandemic when families consolidated households for health and economic reasons. This arrangement can be mutually beneficial: the older generation gets companionship and help with chores; the younger ones get childcare for grandkids or help with the mortgage.
Comparing 2008–2017 to 2018–2023: What’s Changed?
Baby Boomers’ housing behavior has shifted noticeably from the late 2000s/early 2010s to the late 2010s/early 2020s. Several key differences stand out:
Demographic Shifts
In 2008, Boomers were roughly 44 to 62 years old – many were still in their peak working years, some with kids at home or in college. By 2018, Boomers were about 54 to 72 years old, entering retirement en masse. This means the 2018–2023 period had far more Boomers at or past retirement age, prompting more retirement-influenced housing decisions.
Changed Economic Conditions
The earlier period began with the Great Recession and housing crash of 2008–2010. Many Boomers saw their home values plummet and their savings hit, causing some to postpone moves. By contrast, 2018–2023 was an economic expansion (aside from a brief pandemic recession) with surging home values.
Also, interest rates were very low throughout most of 2008–2017, making moving or refinancing attractive, whereas in 2022–2023 interest rates spiked, which suddenly discouraged moves. The term “lock-in effect” describes how many homeowners (including Boomers) felt locked into their existing home because they had a 3% mortgage and didn’t want a new 7% loan.
Homeownership Concentration
The share of homes owned by older adults grew over time. In 2008–2017, Boomers were gradually increasing their share of homeownership as they bought homes from older generations and fewer young people were buying (especially after the recession). But by 2018–2023, older generations reached a majority of homeownership.
Americans 55+ went from owning 44% of homes in 2008 to 54% by 2023. So the influence of Boomers on the housing market became much larger in the latter period. In practical terms, this meant that by the 2020s, if Boomers collectively sneezed, the housing market caught a cold.
Market Participation Changes
Boomers flipped from being not just sellers (as older folks usually are) but also dominant buyers in the 2020s. In the 2010s, Millennials were coming of age and beginning to buy homes in larger numbers (especially by 2015–2017) – many headlines spoke of Millennials finally entering the market. Boomers were sellers to those millennials in many cases.
Fast forward to 2022, and Boomers reclaimed the top buyer spot, partly because millennials hit affordability walls. This is a big change: the previous decade was about Boomers slowly starting to offload homes to younger buyers, whereas the recent one saw Boomers not only hold onto their homes but even buying additional ones.
Conclusion
From 2018 through 2023, New Hampshire’s Baby Boomers have shown a strong tendency to age in place, holding onto their homes and aging in their communities. Those comfortable houses – often paid-off and filled with memories – remain the center of life for many boomers well into their 70s.
This has meant fewer homes on the market, contributing to the tight housing conditions that younger buyers face. At the same time, a considerable number of Boomers have made moves: some downsizing or relocating within the state to be closer to family or amenities, others heading for warmer climates or into rental and senior living situations.
Comparing the late 2010s/early 2020s to the prior decade reveals that Boomers are moving more slowly and selectively than once predicted. The expected flood of listings from retirees has been more of a slow drip. When they do enter the market, they are just as likely to be buyers competing for homes as they are to be sellers freeing up inventory, a twist that has reshaped the housing landscape.
Looking ahead, New Hampshire will continue to grapple with an aging population and the housing needs that come with it. More Boomers will transition into their late 70s and 80s over the next decade, potentially increasing the pace of home sales (as health needs spur moves) but also boosting demand for senior-friendly housing and services.
For now, the story of 2018–2023 is one of a generation largely staying put, “home sweet home” remaining the mantra of most Baby Boomers in the Granite State. Their choices have kept New Hampshire’s housing market both vibrant and challenging: vibrant, because Boomers remain active participants (often with significant resources to invest), and challenging, because their contentment in their current homes means fewer homes for others and a market that struggles to balance supply with demand.
References
- Baby Boomer-Dominant Housing Markets – Laconia Daily Sun
- Boomers Own 40.7% of New Hampshire Homes, 4th Most in the Nation – Laconia Daily Sun
- Boomers Pass Millennials as the Largest Group of Homebuyers – Scotsman Guide
- Business NH Magazine: The Senior Housing Boom – Business NH Magazine
- Empty Nesters Own Twice As Many Large Homes As Millennials With Kids – Redfin News
- Home Buyers and Sellers Generational Trends – National Association of Realtors
- Housing America’s Older Adults 2023 – Joint Center for Housing Studies of Harvard University
- Inside the Effort to Build More Housing for NH’s Aging Population – NHPR/CapeandIslands.org
- Many Baby Boomers Own Homes That Are Too Big. Can They Be Enticed to Sell Them? – New Hampshire Public Radio
- New Hampshire’s Growing Population and Changing Demographics – New Hampshire Fiscal Policy Institute
- The Coming Exodus of Older Homeowners – Fannie Mae Economic and Strategic Research
- Where Retirees Are Moving – 2023 Study – Nasdaq
- [AFFORDABLE HEALTH?] Assisted Living Costs On The Rise – International Council on Active Aging
