Colorado’s breathtaking mountain vistas and vibrant communities have long attracted residents seeking an active lifestyle, but recent years have witnessed a significant shift in the state’s housing dynamics. Baby boomers—that influential generation born between 1946 and 1964—are reshaping Colorado’s real estate landscape in ways that affect everything from housing inventory to community development.
With accumulated wealth, changing priorities, and a redefined vision of retirement, these homeowners are making decisions that ripple through neighborhoods from Denver’s suburbs to mountain towns. Understanding how and why boomers buy, sell, or stay put unlocks crucial insights for anyone navigating Colorado’s competitive housing market—and offers a glimpse into how generational housing patterns evolve over time.
Statewide Patterns and Regional Differences
Baby boomers have become an increasingly influential force in Colorado’s housing market. As of the early 2020s, they account for roughly one-third of Colorado’s homeowners – just under 35% – a lower proportion than retiree-heavy states like Florida (over 40%). This reflects Colorado’s influx of younger residents in recent decades alongside its aging longtime residents.
Many boomers are choosing to “age in place,” remaining in the homes where they raised families rather than selling. A Redfin survey found 78% of Americans over 60 plan to stay in their current home as they age, and Colorado’s state demographer notes that “we don’t see a lot of churn…because of our older population that doesn’t move as often.” This aging-in-place trend has contributed to tight housing inventory, as fewer large family homes are being listed for sale.
Denver Metro and Front Range
In metro Denver, a significant number of empty-nest baby boomers are staying in large, family-sized homes, effectively “locking up” a portion of the housing stock needed by younger families. Empty-nest boomers own nearly 3 in 10 of the nation’s large homes (3+ bedrooms), roughly double the share owned by millennials with kids.
Many have little financial incentive to sell – 54% of boomer homeowners nationally have paid off their mortgage, so their housing costs are low (a median of $612/month for those without a mortgage). In Colorado, the Senior Homestead Exemption, which gives a 50% property tax break for seniors who’ve owned their home 10+ years, further incentivizes staying put.
In Boulder and surrounding areas, many boomers who migrated to Colorado in the 1970s are now in their 60s and 70s, forming the first large cohort of older adults the state has seen. Some are downsizing or moving closer to amenities, but others remain in place, enjoying low property taxes under senior-friendly policies.
Colorado Springs and Other Front Range Cities
In Colorado Springs and other Front Range cities, boomers represent a slightly smaller share of homeowners (about 34–35%) than in many U.S. metros, as these cities have attracted many younger buyers.
Even so, Colorado Springs has long been a popular retirement spot (with military retirees and others drawn by its affordability and climate), and new 55-plus communities have emerged to serve this group.
Northern Colorado Boom
Northern Colorado (Fort Collins, Loveland, Greeley) is seeing a boom in boomer migration. Developers report a “flurry of projects” for active adult 55+ communities in this region, fueled by retirees relocating to be near their adult children and grandchildren.
As one developer noted, “parents of people who make up [the] workforce are moving here to be near their children”, spurring demand for maintenance-free homes in places like Loveland and Fort Collins. These range from upscale condos to cooperatives where residents buy a share in a senior community.
Mountain and Resort Communities
In mountain towns and resort communities (e.g., Summit County, Estes Park, mountain resorts), two distinct trends emerge: affluent boomers from Colorado and out of state are buying homes for retirement or second homes in scenic areas, while long-time residents in rural mountain counties face challenges aging in place.
Mountain and rural communities offer natural beauty but often lack easy access to medical services and transportation. For example, in parts of the Western Slope, an older resident may need to travel to Grand Junction or Denver for specialized care. This can make some rural retirees reconsider staying in very remote areas.
Nonetheless, many smaller Colorado towns are poised to become retirement destinations, provided they can offer healthcare access and amenities. Some retirees from high-cost coastal states have eyed Colorado’s Western Slope and mountain valleys for a quieter, cheaper retirement – though Colorado’s snowy winters are a consideration for those who might otherwise choose Sunbelt states.
Denver Metro Suburbs
In suburban counties around Denver (Jefferson, Arapahoe, Douglas), baby boomers hold a large share of homeownership. Many moved into these suburbs in the 1980s–90s and are now empty nesters.
We are beginning to see some downsizing in these areas – for instance, the development of ranch-style patio homes, condos, and age-restricted communities that let boomers stay in their same community with less upkeep.
However, the expected “silver tsunami” of listings from boomers selling en masse has not materialized in the late 2010s or early 2020s. Instead, boomers have been slower to sell than predicted, contributing to Colorado’s inventory shortage.
Housing Preferences of Baby Boomers
Downsizing vs. Staying Put
A key question is whether Colorado’s boomers are downsizing, upsizing, or staying in place. The answer is mixed.
Many baby boomers are indeed downsizing as they retire – sellers aged 69–77 were the most likely of any age group to report moving to a smaller, less expensive home. In NAR’s 2023 survey, buyers over 57 were far more likely to have purchased a smaller house, whereas younger buyers mostly “traded up” to larger homes. Boomers often seek single-story layouts or smaller footprints to reduce maintenance.
However, a significant number are not downsizing at all. A Redfin analysis noted boomers are “planning to stay put rather than downsize or move into alternative living arrangements,” preferring the comfort and familiarity of their current home.
In Colorado, where home prices surged ~40% in 2017–2022, some boomers who might consider downsizing are deterred by high costs of smaller homes or condos in their area. If selling a long-time house wouldn’t significantly net savings (due to Colorado’s pricey market), they may opt to stay.
Rising interest rates also play a role – giving up a 3% mortgage on a larger home to take a new loan at 6–7% on a smaller one often doesn’t make financial sense. This “lock-in effect” has kept many boomers in place.
Multi-Generational Living
While downsizing is common, a minority of boomers are upsizing or buying different types of homes to suit new needs. As some adult children or elderly parents move in together, about 18% of older boomers purchased a multi-generational home (housing at least two adult generations).
In Colorado, we see this when retirees decide to live with family – for example, moving into a home with an in-law suite or a finished basement for a grown child’s family. Boomers with substantial equity might sell and upsize to a multi-gen home to accommodate children and grandchildren under one roof, especially given Colorado’s high housing costs for young families.
Home Type Preferences
Baby boomers in Colorado show clear preferences in home type. The majority still favor single-family homes, valuing privacy, space for visiting family, and perhaps a yard for pets or gardening.
That said, there is growing interest in condominiums and townhomes – especially newer units with elevators or single-floor living – as a downsizing option in urban centers like Denver or amenity-rich hubs like Boulder.
Low-maintenance living is a draw: Colorado developers cite demand for “maintenance-free housing” in 55+ communities, whether upscale apartments or patio homes. Communities such as Anthem Ranch and Skyestone in Broomfield, or new Village Cooperative projects in Fort Collins, Greeley, and Loveland, offer detached or semi-detached homes with HOA-maintained lawns and community centers.
These are popular with boomers who don’t want the challenges of maintaining a large home but don’t need assisted living facilities and services.
On the other hand, only a smaller subset are opting for age-restricted retirement communities or senior living facilities in their early retirement years – many prefer to buy “regular” homes or in mixed-age communities to stay integrated with society.
Financial Aspects
Boomers generally have stronger financial footing than younger buyers, which shapes their purchasing behavior. In the 2018–2023 period, Colorado home prices climbed dramatically, reaching median prices around $600k statewide in 2022.
Many baby boomers leveraged equity gains from homes they’d owned for years to purchase new homes with little or no mortgage. Nationally, only about 49% of older baby boomer buyers (68–76) financed their home purchase – meaning roughly half bought entirely in cash.
Younger boomers (late 50s–60s) are more likely to take a mortgage than their older counterparts, but often a smaller one, after rolling over equity from a prior sale.
In Colorado, it’s common to see boomers making competitive all-cash offers, particularly when downsizing or relocating from expensive markets (e.g., a Californian boomer selling a high-priced home and buying in Colorado outright). This cash-buying ability gave boomers an edge in the frenzied pandemic-era market, often outbidding millennial first-timers.
Home Features
Many boomers seek specific features: single-floor living or a ground-floor primary suite (to avoid stairs), accessible design (wider doorways, etc.), and low maintenance yards.
Proximity to healthcare and shopping is important, so homes in established neighborhoods or near town centers are attractive. Safety and community are also valued – some prefer gated communities or condos with security, while others want active HOA communities with social events.
Notably, boomers are more open to older homes than younger buyers; NAR data shows they often purchase homes built in the 1980s or earlier, whereas millennials tend to prefer newer homes. This suggests boomers may prioritize location and comfort over new construction, or they simply stick with their long-time residence which may be decades old.
Motivations for Purchasing Decisions
Boomers’ decisions to buy, sell, or stay put are driven by a mix of economic, lifestyle, and family factors:
Proximity to Family
One of the primary motivations for many Colorado boomers is being closer to children and grandchildren. As adult children settle in various parts of Colorado (often due to the state’s strong job market), parents follow.
“The desire to be closer to friends and family” upon retirement was cited as a top reason boomers purchased homes. Developers in Colorado’s 55+ communities observe that parents are moving into the state to be near their children and grandchildren.
This has led to migration of boomers into the Front Range from out of state, as well as within Colorado (e.g., a couple from the rural Eastern Plains moving to Denver to be near family).
Retirement Lifestyle
Many boomers are drawn by Colorado’s lifestyle as they transition out of full-time work. The state’s climate and recreation opportunities are a big pull – retirees who enjoy skiing, hiking, or just the scenic beauty may choose to retire in mountain areas or in cities like Colorado Springs with easy mountain access.
Others, however, consider milder climates: some Colorado boomers leave for warmer winters (Arizona, etc.), but those who stay are often those who value the four seasons or have strong community ties.
Cost of living is a factor here: compared to coastal states, Colorado can be more affordable (especially in taxes), but it’s pricier than many Sunbelt retiree havens. Boomers with higher incomes or savings are more likely to remain in Colorado despite rising costs, whereas those on tighter budgets sometimes relocate to lower-cost states.
Within Colorado, some retirees move from high-cost counties (like Boulder, Denver) to cheaper areas (like Pueblo, or smaller towns) to stretch their retirement dollars.
Housing Costs and Equity
The decision to sell or buy is often financial. Colorado’s booming home values in the 2010s gave many boomers substantial equity. Those who felt “house rich” often tapped that value – either by selling to fund retirement (and perhaps moving to a less expensive home), or by taking a reverse mortgage or HELOC to finance renovations and remain in place.
Boomers waiting until 2018–2022 to sell generally profited more than if they’d sold in the early 2010s (Colorado prices rose sharply post-Great Recession).
On the flip side, high prices also meant affordability concerns. For boomers without significant equity or on fixed incomes, buying a downsized home in their community might have been out of reach, which in turn motivated them not to buy/sell.
Property Taxes and Healthcare
Economic factors like taxes and insurance weigh on decisions. Colorado’s property taxes are relatively low (typically below 0.6% effective rate) and the state offers the aforementioned Senior Tax Exemption, which significantly lowers property taxes for long-term senior homeowners.
This is a double-edged sword: it helps seniors afford to stay, but it can also discourage moving (since a move resets the 10-year occupancy requirement). Many boomers calculated that staying in a nearly paid-off home with low taxes was cheaper annually than downsizing to a condo with high HOA fees or moving to a state with higher taxes.
Healthcare costs also factor in – proximity to quality healthcare (Denver’s medical centers, etc.) is a motivation to move for some with health conditions. Conversely, healthy active boomers might prioritize recreational amenities over medical proximity, at least in their early retirement years.
Lifestyle and Personal Preferences
Boomers’ housing choices also reflect lifestyle goals. Many want to “age in place” comfortably, which means their purchase decisions often involve remodeling rather than moving – i.e., installing stair lifts or remodeling a bathroom, instead of buying a new home.
Those who do buy often cite quality of life improvements: moving closer to friends (perhaps to a popular retirement city like Colorado Springs), seeking a quieter environment (leaving Denver’s hustle for a mountain town), or conversely seeking more excitement (moving from a rural area into downtown Denver’s cultural hub).
The first wave of boomers hitting 65 in the 2010s largely redefined retirement – they are more active and tech-savvy, which also means some choose locations with vibrant communities, universities (Boulder has many retiree auditors in classes), or outdoor clubs catering to seniors.
Market and Policy Influences
External market conditions and policies in 2018–2023 heavily influenced boomer home buying/selling behavior in Colorado:
Real Estate Market Trends
The housing market over this period was marked by extremes – a prolonged seller’s market with rapidly rising prices and, after 2020, unprecedented conditions due to the pandemic.
Low interest rates (2018–2021) followed by sharp rate increases (2022–2023) created a phenomenon where many homeowners (boomers included) felt “locked in” to their current mortgage. A majority of boomer homeowners either have paid off mortgages or refinanced into record-low rates.
When rates spiked above 6% in 2022, the incentive for an older homeowner to sell and buy anew plummeted. This rate lock-in effect was a major reason boomers held onto homes, exacerbating Colorado’s low inventory.
Additionally, the COVID-19 pandemic initially caused some boomers to delay selling (not wanting strangers in their home), then later spurred others to move closer to family or seek less dense areas.
By 2021–22, competition for homes was intense – cash-rich boomers often won bids, contributing to the trend of boomers becoming the largest share of buyers nationally. At the same time, first-time buyer share hit record lows, in part because boomers were staying in entry-level homes or competing for the same homes.
Housing Supply and Affordability
Colorado’s housing shortage (a result of under-building since the 2008 recession) meant that suitable downsizing options for boomers were limited. In many communities, there simply were not enough condos, ranch-style homes, or senior-friendly units available.
This supply constraint influenced boomer decisions: some would have downsized if they could find an affordable condo in their neighborhood, but with so few on the market, they stayed put.
Affordability issues also meant some boomers looking to move closer to family in Denver or Boulder encountered sticker shock – a retiree from rural Colorado might not afford to buy into those high-cost markets, influencing them either to rent or to remain in their lower-cost town.
Real estate cycles also played a role: the strong seller’s market through 2021 encouraged some boomers to cash out at peak prices, whereas the cooler market in 2023 (with slightly softening prices and longer days-on-market) made others hold off until conditions improved again.
Local and State Policies
Colorado’s policy landscape during 2018–2023 included measures that indirectly affected boomer homeowners. Aside from the tax exemption discussed, Colorado’s legislature and municipalities grappled with zoning reform to address housing shortages.
In 2023, a major proposal (backed by the Governor) aimed to encourage denser housing near transit and expand accessory dwelling units (ADUs) statewide. For boomers, these policy shifts could offer new options: for example, relaxed zoning for ADUs means a boomer homeowner might build a small cottage for rental income or for a caregiver/relative, allowing them to age in place more easily.
Some cities also eased restrictions on senior housing developments or offered fast-tracks for 55+ projects, recognizing the growing need. Furthermore, Colorado does not tax Social Security benefits up to certain limits and has retirement income deductions, making it relatively tax-friendly for retirees (though not as much as zero-tax states).
Retirement-Friendly Regulations
At the local level, several initiatives emerged to make communities more “age-friendly.” Some counties expanded funding for senior home retrofit programs (grants or loans to add safety features), which can influence a boomer’s decision to stay rather than sell.
Statewide, the Colorado Commission on Aging highlighted the need for more affordable senior housing and supported creative models like co-housing and village networks.
One concrete change in 2022 was a tweak to the Senior Homestead Exemption: the state restored funding (after suspensions in prior years) ensuring seniors receive that property tax break, and even introduced a temporary portability option. This portability (for 2025–26) is essentially a policy response to free up more housing – it encourages seniors to downsize by letting them keep their tax exemption on a new home, thereby removing one financial barrier to moving.
Comparison to 2008–2017: Changes Over Time
The home buying patterns of Colorado’s baby boomers in 2018–2023 have shifted notably from the previous decade (2008–2017) due to demographic changes, economic cycles, and evolving market conditions:
Demographic Shift
Perhaps the biggest change is simply age. In 2008, the youngest boomers were in their mid-40s and the oldest were early 60s – many were still in their prime working years, often buying move-up homes or holding on until retirement.
By 2018–2023, this cohort had aged into their late 50s to late 70s, squarely in or near retirement. Colorado’s population of seniors exploded in the 2010s (the state had the 2nd fastest-growing 65+ population from 2010 to 2020).
Consequently, the influence of boomers on housing grew. In the late 2000s and early 2010s, boomers were a somewhat smaller piece of the buyer pie, routinely outnumbered by Gen X and older millennials in home purchases.
But by the early 2020s, boomers had become the dominant buying group nationally and in Colorado. According to NAR, millennials had been the top buyers since 2014, but in 2022 boomers overtook them – comprising 39% of recent home buyers, up from 29% the year before, while millennial share fell to 28%.
This marks a stark change from the 2008–2017 period, when millennials (and Gen X earlier on) were leading homebuying, and boomers were more often sellers. Now, boomers not only make up a large share of sellers (about 45–52% in recent years) but also a large share of buyers, as many execute late-in-life moves.
Recession vs. Pandemic Market
The 2008 housing crash and recession hit right as some boomers neared retirement. During 2008–2012, many boomers delayed retirement or relocation because their home values plummeted and portfolios shrank. Some who might have downsized in those years held off until their equity recovered.
By 2013–2017, with economic recovery and historically low interest rates, boomers began to make moves again – refinancing, buying second homes at bargain prices, or downsizing as the market stabilized.
Fast forward to 2018–2023: instead of a recession, we saw a pandemic-driven housing boom then a rapid interest rate rise. The COVID era actually accelerated retirement for some boomers (concerns over health at work, strong stock market allowing early retirement), leading to an earlier-than-planned wave of boomer home purchases in 2020–2021.
This contrasts with 2008–2010, when many older workers postponed retirement and stayed put. Another contrast: housing inventory. Post-2008, there was a surplus of homes (foreclosures, etc.), making it a buyer’s market through about 2012 – boomers who had cash or stability could pick up homes cheaply.
By 2018–2021, inventory was near record lows, a seller’s market, which generally benefited boomers looking to sell but made buying competitive.
Homeownership Trends
Over the last decade, boomers solidified their hold on homeownership. In 2008, Americans 55+ owned about 44% of U.S. homes; by 2023 they owned 54%, a historic high. Colorado mirrored this trend: as younger generations struggled with affordability, boomers increased their share of ownership.
Many boomers simply stayed in their homes longer than previous generations, thanks to better health and finances. The expected wave of boomer downsizing (“silver tsunami”) around 2015–2020 turned out smaller than anticipated.
Compared to 2008–2017, more Colorado boomers in 2018–2023 chose to “age in place”. This was partly cultural (boomers are active and see no need to move at 65 if healthy) and partly market-driven (no great alternatives to move to).
In the previous decade, a higher fraction of boomers were still trading up to bigger homes or relocating for late-career jobs. By the 2020s, most boomers are past career moves; their housing moves are about lifestyle, not job transfers (NAR data shows only a tiny percent moved for work after age 60, whereas Gen X still moves for jobs more often).
Retirement Migration Patterns
In the earlier decade, many Colorado boomers might have planned the classic Sunbelt retirement – selling and moving to Arizona, Florida, etc. While that still occurs, 2018–2023 saw a bit of a countertrend: Colorado became a retirement destination in its own right, especially for those with family here or those drawn to outdoor recreation.
The Mountain West started attracting more retirees (one study in 2016 noted about one in four inbound moves to states like Colorado were for retirement). So compared to 2008 when Colorado had relatively few seniors, by 2023 the state was home to far more retirees – some longtime residents, others newly arrived to enjoy the Rockies.
This influx has led to the building of more senior-focused housing in the 2020s than we saw in the 2010s.
Technology and Home Search
One subtle change is how boomers buy homes now versus a decade ago. The rise of online listings, virtual tours, and remote work affected them too. In 2008, a 60-year-old might have relied on an agent and local listings; in 2023, a 60-year-old can browse Zillow and even purchase a home in another state virtually.
The pandemic pushed some to buy homes sight-unseen to be near family. This tech adoption made long-distance moves easier for retirees than it was in 2008.
So we’ve seen more long-distance relocations – indeed, the median distance moved by recent buyers jumped to 50 miles (from 15 miles), with older boomers moving the farthest (median 90 miles). Ten years prior, most moves were within the same city. This illustrates how today’s boomers are more likely to make a big relocation for retirement than the previous decade’s, thanks in part to better tools and perhaps more urgency post-COVID.
Overall, the period 2018–2023 for Colorado’s baby boomers has been characterized by later-life transitions, record home equity, and competitive market dynamics, whereas 2008–2017 was about recovering from a housing crash, moving for jobs or prepping for retirement, and traditionally downsizing in smaller numbers.
Entering 2024 and beyond, Colorado’s housing market is bracing for more boomer-influenced changes, from an eventual uptick in home sales as the oldest boomers (now late 70s) transition to assisted living or estates, to increased political focus on housing affordability that could benefit both aging residents and the young families who hope to buy their homes in the future.
References
- BizWest. (2020). “Migration of baby boomers drives uptick in 55-plus housing projects”
- Colorado Public Radio. (2023). “Interview: Colorado’s population trends are on a collision course with the state’s housing shortage”
- Colorado Public Radio. (2024). “Colorado’s population is getting older. It will impact everyone”
- Colorado Realty and Property Management. (2023). “There are more baby boomers buying homes than millennials”
- Colorado Realty and Property Management. (2023). “Trends & Forecasts for Colorado’s Housing Market”
- Colorado Association of REALTORS. (2024). “Active listings increase but other market factors keep home buyers and sellers at a stalemate”
- Construction Coverage. (2024). “Baby Boomer-Dominant Housing Markets [2024]”
- Douglas County. (2023). “Senior Exemptions”
- National Association of REALTORS. (2023). “Home Buyers and Sellers Generational Trends”
- National Association of REALTORS. (2023). “2023 Home Buyers and Sellers Generational Trends Report”
- Redfin Corporation. (2024). “Empty Nesters Own Twice As Many Large Homes As Millennials With Kids”
- Springs Relocation Guide. (2023). “The Senior Living Housing Boom Is On”
- Trulia. (2019). “Baby Boomers Aren’t Downsizing Out of Their Single-Family Homes”
- United Van Lines. (2016). “Movers Study Shows Rocky Mountain Region Attracts Retirees”
