- Baby Boomers, born between 1946 and 1964, have wide variety of housing needs dependent upon their retirement plans, according to study by National Association of REALTORS® (NAR) conducted by Harris Interactive®
- Most of 78M Boomers have shifting timelines for retirement from past generations
- Boomers living longer than past generations and will significantly impact housing needs over next 10-20 years
Baby Boomers, born between 1946 and 1964, are not relinquishing their impact on the housing market. (Nothing about this generation has gone quietly.) In fact, according to a recently released study by the National Association of REALTORS® (NAR) conducted by Harris Interactive®, Boomers, not Millennials, continue to be the driving force in the housing market.
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David Lereah, an economist with NAR, said that longer living Boomers have no set timetable for retirement and “…will have a significant impact on housing needs over the next 10 to 20 years…older Boomers are thinking about retirement, but one-third expect to go back and forth between periods of work and periods of leisure, and another 35% want to work at least part-time or start a business…many Boomers simply don’t know how they’ll ever retire…all of this will have an impact on the kinds of homes they buy as well as where they buy them.”
The rate of homeownership among Boomers is higher than other demographics. Some 8 in 10 currently own their own homes while almost 9 out of 10 have been homeowners at some time in their lives. 96% of Boomers believe owning a home is a good financial investment and 25% own one or more other kinds of property in addition to their primary residence. Boomers own 57% of vacation/seasonal homes and 58% own rental property while 34% of those owning rental properties own multiple rental properties.
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At a recent meeting of the Women’s Council of Realtors® Santa Clara Valley Chapter), California Association of Realtors Vice President Leslie Appleton-Young said, “Baby boomers love real estate. They are buying homes now as…investment properties so…and a keen interest in buying real estate for their kids.”
Lereah, NAR economist, said, Because they will be in the workforce longer, Boomers will postpone purchase of retirement property and won’t be making those moves as early as assumed.”
Of the 2,000 survey respondents, 42% would like to retire in the South, 32% in the West, 15% in the Midwest and 12% in the Northeast.
Thanks to the National Association of REALTORS®.
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