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Baby Boomers are Buying Homes!


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Baby Boomers are Buying Homes!
Written By: Linda Nelson - Compass Realtor ~ 2/8/2024

The number of Americans ages 100 and older is projected to more than quadruple over the next 3 decades, from an estimated 101,000 in 2024 to about 422,000 in 2054, according to projections from the U.S. Census Bureau. Centenarians currently make up just 0.03% of the overall U.S. population, and they are expected to reach 0.1% in 2054. Expect people to work longer, remain active longer, and need homes that allow for those who don't like/want stairs!

What are Baby-boomer Buyers buying:

  1. Often they are buying their 'dream home' big enough to attract their entire family. Smart grandparents know how a pool or tennis court or other resort-style amenities makes grandkids visit!

  2. Second and third homes, often smaller homes, competing with entry level buyers.

  3. They are buying in states with lower costs and taxes to preserve wealth.

  4. Many seek warmer climates.

  5. Many are moving to be closer to where their kids have moved.

  6. Some who have sold a business or done well with stocks or a big residence sold are buying a trophy property.

  7. Some are buying homes with more than one structure for multi-generational use or to house help.

  8. Some are focused on aging in place, seeking single floor living.

  9. Many planning to travel more seek low maintenance properties with lock-up-and-leave attributes. This often means condos with staffing and shared amenities they don't have to manage or maintain.

  10. Some who have rented out a large primary home as an investment for the past few years are now doing 1031 exchanges to avoid large capital gains taxes, diversifying the one big asset into several smaller assets or a multi-unit property.

  11. Some who have rented all their lives are finally realizing their dream of home ownership: 46% of older Babyboomers were first time home buyers, often buying in more affordable areas, or retirement communities, seeking more fixed home costs in their next chapter. A lifetime of paying (rising) rent can be very motivating.

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