Taking a Look at Older Boomer Homebuyers
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.