Older Boomers were quite active in the housing market in 2016, as 14 percent of homebuyers were between 62 and 70. The group was also the second largest share of home sellers, at 21 percent.
NAR’s Economists’ Outlook blog reports that compared to other generations, Older Boomers are the most satisfied with the home buying process, at 91 percent.
They value energy efficient appliances and lighting, and they have a median move distance of 25 miles. The group also has the largest share of single female buyers, at 21 percent.
Older Boomers’ income is below the median income of all buyers ($88,500) at just $76,800 and they purchase homes at a median price of $225,000. Older Boomers are the most likely to use the proceeds from the sale of a primary residence as the source of their downpayment (56 percent) and from an IRA account (six percent).