Older Baby Boomers, born between 1946 and 1954, accounted for 14 percent of all homebuyers last year. A new study finds that 93 percent were satisfied with the homebuying process.
This group of homebuyers were buying homes typically to live closer to friends and family, or because of a recent retirement. Compared to other buyers, they were willing to move the farthest, a median of 30 miles. The quality and proximity of school districts was not a deciding factor for these buyers, but commuting costs, windows, doors, and siding installation were all equally important, per the National Association of Realtors' analysis. Older Boomers were also found to be the biggest buyer group to save for a down payment for more than 2 years.
Older Boomers were the third largest share of home sellers at 22 percent in 2017. The median age for an Older Boomer seller was 67 years. They had the second lowest median income at $80,700. They were the most likely to sell to be closer to friends and family (28 percent) and for retirement (19 percent), and at a median distance of 39 miles from the home they recently purchased. They were also very likely to sell when they wanted to (94 percent). They receive the highest equity at 46 percent and second highest dollar value at $86,000.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable