Who are empty nesters? In general, the term is used to describe parents whose children have grown up and left the house. Today’s typical empty nester falls into the generation called baby boomers: those born between 1946 and 1964. At the upper end, you have people in their late 60s who remember when TV was a luxury — with programming limited to a few hours on only two networks — and many household telephones still subscribed to party lines. In their late 20s and early 30s, about the age this group began considering owning a home and starting a family, the median sale price of a new home in the U.S. was around $39,850 (per the U.S. Census Bureau). Today’s leading edge baby boomers may be retired or semi-retired, and have a workable understanding of technology and the Internet: They can post to Facebook, but struggle to troubleshoot their laptop’s wireless issues.
At the lower end of the boomers are those who celebrate the big 5-0 this year. They can tell you why the Walkman was so revolutionary, who shot J.R., and where they were when the Berlin Wall fell. If they purchased their first home close to the age of 30, they paid a median sale price of $130,000 for it (again, from the U.S. Census Bureau). Today’s youngest boomers text nearly as fast as they type, take it as a given that their car features Bluetooth, and are savvy enough to access social media on their mobile devices.
Here are five tips to help you better understand empty nesters — wherever they fall on the baby boomer spectrum — and successfully convert them to clients.