Currently Reading

Taking a Look at Older Boomer Homebuyers

Advertisement

Taking a Look at Older Boomer Homebuyers


June 15, 2018
Vintage diner jukebox
Photo: Unsplash/Patrick Fore

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.

Read more

Related Stories

Market Data + Trends

Not All Buyers Want More Space—Tiny Homes are Steadily Rising

Larger suburban homes are not the only housing type seeing an influx of interest during the pandemic. Tiny dwellings are popping up for sale or…

Market Data + Trends

Many New-Homes Can Be Just as Affordable Long-Term as Older Homes

Homeowners who may have a higher mortgage due to purchasing a new home still pay the same first-year costs of ownership as a homeowner of an older…

Market Data + Trends

Home Values Increase at Unprecedented Quarterly Rate

Home values experienced a quarterly rise of 3.2% at the end of 2020—the fastest pace on record since at least 1996. For some metros, home values…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.