Here’s something most everyone knows but is shocked when they hear the number.  

In the very near future, about 28% of the Tri-Cities residents will be at key pre-retirement age or in the process of retiring. That’s on top of 110,694 residents (a little more than the seating capacity of the Tennessee Vols Neyland Stadium) who have already stepped over that age threshold of 65. Merge the two and it accounts for close to half the current local population.  

Of course, that’s minus the number of locals who die. The current rate is a little over 9,000 a year.  

Realtors® have always paid attention to demographics because it’s a key to housing. In the past, most of them focused on two distinct groups, but the demographic transition and today’s rapidly evolving economy is complicating the situation. That means the professionals devoted to helping clients with varied housing needs are paying extra close attention. 

There’s one thing you don’t have to wonder about. It’s no longer a question about when the Millennials will take over. That’s already happened. Locally, they account for about 24.2% of the population. They just haven’t fully taken the reins of political power yet. Boomers make up 22.7% of the population and still hold most power positions. 

The older Boomers also own most of the housing and have most of the money, so what they do and want is still a powerful economic force.  

Here’s what makes the next phase of the population shift so dramatic. At the last Census count, there were 110,694 locals 65 or older – and that was in 2022. Another 74,078 were in the 50 to 59 age group. And what about the folks who are moving here? Although they are younger than most expected, about half are in the elders’ group – they don’t like being called senior citizens.  

The Wall Street Journal recently highlighted the situation as the youngest of the Boomers (now known as peak Boomers) are preparing for retirement. The issue is simply this. Most aren’t financially prepared for the next stage of their life. According to the Federal Reserve and a University of Michigan Health analysis, these peak Boomers have $250,000 or less in assets, meaning they’ll likely deplete their savings and rely on Social Security in retirement.  

“America has never seen so many people reaching retirement age over a short period, and well over half of them will find it challenging to meet their needs through their retirements, let alone maintain their current standard of living,” Robert Shapiro, an author of the report and the former Under Secretary of Commerce for Economic Affairs, said in a statement. “They lack the protected income that many older Boomers have from solid pensions or higher savings.” 

On both the local and national level this means a whole new set of housing needs and demands. Some of those with the targeted needs are in the empty-nesters class living in a home that is too big and increasingly expensive for limited resources. Even though the home may have one of those low-interest mortgages that make scaling-back to something with today’s mortgage rate questionable, it’s a dilemma some peak Boomers are or soon will face.  

That’s just the tip of the housing iceberg. The challenges are as varied as the needs and demands of the new cohort of clients. 

Fortunately, Realtors® have certifications and specialty programs that track and help them stay on the cutting edge for elders buying, selling, and investing in today’s and tomorrow’s real estate world.  

While there are several Realtor® designations and certifications that fit almost any need, here’s the time-tested designation at the top of the in-demand list: 

The Seniors Real Estate Specialist® (SRES®) designation is for Realtors® who want to be able to meet the special needs of maturing Americans when selling, buying, relocating, or refinancing residential or investment properties. By earning the SRES® designation, they are prepared to approach mature clients with the best options and information for them to make life-changing decisions. 

That’s just one example. The full complement can be reviewed at https://www.nar.realtor/education/designations-and-certifications It’s one of the many ways Realtors® prove their worth in today’s rapidly changing real estate world.