That sound you hear across America’s Sun Belt is the boom com- ing from baby boomers rushing to get back into the home-buying market.
Indeed, the 50-plus baby boomer buyer is on the move like never before and the numbers are getting bigger and bigger each and every day.
At last count, an estimated 10,000 baby boomers – those typically de;ned as ages 51-69 – are retiring every day with as many as 32 million
boomers looking to move and purchase a new house in the coming years.
;is looming tidal wave of boomer-based activity is one of the main reasons the
senior housing industry has been revving up over the last few years and is aiming to
capture a portion of this group’s growing business. To be sure, retirement is a key trigger for most boomers’ moving decisions, and many plan to switch up their location
upon entering their so-called golden years and moving to warmer places in the South.
Interestingly, while it might be logical to think boomers want to downsize during
their post-children empty nest or retirement stages of life, the biggest motivator behind moving is area and location. At least that was the feedback from just over half of
the boomers, according to the Metrostudy report. Another major factor driving a new
home purchase was price/a;ordability, according to 39 percent of the boomers, while
19 percent said the layout of a home in;uenced their choice to move.
So just how big is this baby boomer pot of gold? Almost two-thirds of America’s
home equity is held by this generation, according to Metrostudy, equaling some $8
trillion spread across 75 million boomers in 40. 65 million households ( 60. 7 percent
of which is owned). Average boomer age and income: 57. 4 and $73,700, respectively.
However one slices up this senior segment, the numbers are extraordinary and
undeniably as dynamic as ever, thanks in part to an overall real estate market and
economy that has stabilized and appreciated since the Great Recession.
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