Senior Spotlight: Buyers & Boomers
A couple surprising connections found in a new NAR® report!
When you think of real estate and generational trends, we tend to assume that older adults are selling, and younger adults are buying. Obviously much of that has changed over the last decade as more individuals choose to age in place and as younger generations struggle with affordability concerns. The latest NAR® Profile of Home Buyers and Sellers reveals some insightful facts about the buyers and sellers of today.
These 3 data points are particularly relevant to the population aged 55+.
Did You Know:
| The typical repeat-buyer age rose to an all-time high of 56 years old. In 2019, 55 was the average age of a repeat buyer. If the age continues to climb, repeat buyers will be of the Baby Boomer generation, whose youngest members are now 57 years old.
|Over 10% of home buyers purchased multigenerational homes – with one of the primary reasons being to care for aging parents. A previous NAR® study revealed that multi-generational home purchases reached an all-time high of 15% during the pandemic.
| Moving closer to family & friends has been cited as the #1 reason for selling a home, and the #2 driving force for where to buy a home (with the first being neighborhood quality).
These statistics are interesting in that they reveal a bit about the values of buyers and sellers and their attitudes towards aging in a post-pandemic environment. First of all, the average repeat buyer is getting older – which could hold implications for retirement age and debt, a greater likelihood of aging in place and/or length of time in the home. In addition, a desire for connectivity seems prioritized given the increase in multigenerational home purchases and proximity to loved ones as a top reason to both buy and sell.
Does any of this data surprise you? Inspire you? Sound familiar to you? We’d love to hear your thoughts!
Bobbi
Bobbi Decker
DRE#00607999
Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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