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Sep.15,2010
Baby boomers, baby boomers, baby boomers, we 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. Around 78. 2 million people fall into this category. As a group, boomers are the largest population cohort in U.S. history. The size of this group has an enormous impact on American politics, popular culture, and of course property. To assess the impact of baby boomers on the future of the property, the National Association of Realtors (NAR) conducted a study in 2006. The findings were published in report entitled Baby Boomers and Real Estate: Today and tomorrow. Of Here are some highlights from the NAR study. Age distribution According to the NAR report, baby boomers now aged 42-60 years. The typical baby boomer is 50 years old and the oldest of the baby boomers are 60 in 2006. About 46% of baby boomers in their 40s, and about 25% are at least 55 years. Family As a group, baby boomers in their peak earning years.
In 2005, baby boomers have a household income of $ 64,700, and about 25% of them had a household income of at least $ 100,000 per year. Home ownership Around 78% of baby boomers own a home, which is higher than the national ownership of 69%. About 96% of baby boomers believe that home ownership is a good financial investment. FUTURE purchase of real estate About 10%, or 7. 8,000,000 of all baby boomers, said that probably the purchase of additional properties in the next 12 months. Of these potential buyers, two thirds were planning to purchase a principal residence, 26% want to buy the land, 19% of rental accommodation, 15% want a vacation or seasonal home and 14% want a commercial property . What features ATTRACT Boomers As the baby boomers were asked what characteristics are most important to them, a 38% lower cost of living wild relatives for 38%, 38% want easy access to quality health care, 37 % want a better climate and 36% wanted to be near a water body. Planning PREFERRED As the baby boomers were asked about the nature of the common features that interest them most, nearly 18% wanted to be close to cultural attractions, 9% wanted to be closer to their families for the 4% wanted to be a golf course, and 3% wanted easy access to educational facilities. Where boomers want to retire As the baby boomers were asked where they want to retire, 33% of them want in a rural area, 30% of pensions in a small town, 25% in a suburban area, and only 12 % in an urban community. And boomers their real estate agents Baby Boomers constantly use the services of a realtor. About 60% of home buyers and 79% of home sellers used a broker in the transaction last year. SUMMARY The baby boomers have had and will continue until a significant effect on the housing market. As baby boomers near retirement, they remain the property value and will continue to invest in property and land. Brokers would be well served to understand what baby boomers want in terms of investment properties, and design strategies that meet the needs of this huge cohort of target population. For more information, read the NAR entitled “Report, Baby Boomers and Real Estate: Today and Tomorrow
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