Baby Boomers Will Drive Real Estate Growth
Baby Boomers Will Drive Real Estate Growth
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Home Page > Finance > Real Estate > Baby Boomers Will Drive Real Estate Growth
Baby Boomers Will Drive Real Estate Growth
Posted: Dec 31, 2006 |Comments: 0
| Views: 957 |
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Baby boomers, baby boomers, baby boomers; we all hear this term over and over again. So who are the baby boomers? Baby boomers are people in the United States who were born between 1946 and 1964. Approximately 78.2 million people fall into this category.
As a group, baby boomers comprise the largest population cohort in the history of the United States. The size of the group gives it vast influence over American politics, popular cultural, and of course,
AGE DISTRBUTION
According to the NAR report, baby boomers now range in age from 42 to 60 years old. The typical baby boomer is 50 years old, and the oldest of the baby boomers turned 60 in 2006. About 46% of baby boomers are in their 40s, and about 25% are at least 55 years old.
HOUSEHOLD INCOME
As a group, baby boomers are in their peak earning years. In 2005, baby boomers had a household income of ,700, and about 25% them had a household income of at least 0,000 per year.
HOME OWNERSHIP
About 78% of baby boomers own a home, which is higher than the national ownership rate of 69%. About 96% of baby boomers believe that home ownership is a good financial investment.
FUTURE REAL ESTATE PURCHASES
About 10%, or 7.8 million of all baby boomers, said they were likely to purchase additional
WHAT FEATURES ATTRACT BOOMERS
When baby boomers were asked about what features are most important to them, 38% wanted a lower cost of living, 38% wanted to be near family, 38% wanted easy access to quality health care, 37% wanted a better climate, and 36% wanted to be near a body of water.
PREFERRED COMMUNITY AMENITIES
When baby boomers were asked about the type of community amenities that interest them most, about 18% wanted to be near cultural offerings, 9% wanted to be closer to their family, 4% wanted to be on a golf course, and 3% wanted easy access to educational facilities.
WHERE DO BOOMERS WANT TO RETIRE
When baby boomers were asked about where they want to retire, 33% of them want to retire in a rural area, 30% in a small town, 25% in a suburban area, and only 12% in an urban community.
BOOMERS AND THEIR REAL ESTATE AGENTS
Baby boomers consistently use the services of a
SUMMARY
The baby boomers have had and will continue to have a significant impact on the
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]]> Questions and Answers Ask our experts your Real Estate related questions here… 200 Characters left Where is the best place, on the dollar, given growth potential and safe/secure lifestyle… to invest in Rate this Article vote(s) Feedback 0) { Article Tags: Latest Real Estate Articles Learn about the insurance options for baby boomers in this video with Bob Hurley from eHealth Insurance. In this health video you will learn how aging baby boomers are affecting the health system. (09:57) In this health video you will learn how baby boomers are revolutionizing health. (03:09)
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