Baby Boomers and the Housing MarketBy Integrity Windows
The Baby Boomer generation is currently defined in two categories in National Association of Realtors’ 2015 Home Buyer and Seller Generational Trends Report. People born from 1955 – 1964 are considered Younger Boomers and those born from 1946 – 1954 are Older Boomers. Combined, both sets of Baby Boomers account for 31 percent of the home buying population, says Realtor.
Although often overshadowed by first time buying Millenials, Baby Boomers are a force to be reckoned with. In fact, Younger Boomers purchased more multi-generational homes in 2014 than any other age group, reports Realtor.
What types of homes are Baby Boomers purchasing? Predominantly, Baby Boomers purchased homes ranging from $200,000-300,000 with three rooms and two bathrooms. Quality of the neighborhood, convenience to friends and family, shopping, and health facilities were all major factors in Boomer’s decisions.
How are Baby Boomers finding their homes? According to Realtor, Baby Boomers were twice as likely to contact a real estate agent first when starting the home search process compared to Millennials. Baby Boomers in general were half as likely as Millennials to use a mobile device to search for information about homes and utilized online video sites and newspaper ads more than other generations.