Baby boomers are now the largest generation of home buyers and home sellers

As the baby boomer generation enters retirement age, they are now the largest generation of home buyers and sellers. Baby boomers, born between 1946 and 1964, have a significant impact on the real estate market. In this blog post, we will explore why baby boomers are dominating the housing market and what this means for the future of real estate. 

One reason why baby boomers are the largest generation of home buyers and sellers is simply due to their size. According to the U.S. Census Bureau, there are currently around 73 million baby boomers in the United States, making up about one-quarter of the population. As a result, their impact on the housing market is significant.

Another reason why baby boomers are dominating the housing market is that they are reaching retirement age. Many baby boomers are looking to downsize their homes or move to warmer climates, such as Florida or Arizona. According to a survey by the National Association of Realtors (NAR), 43% of home buyers aged 64 to 72 purchased a single-story home, indicating a desire for easier living. Additionally, many baby boomers are looking to move closer to family members or to be in a community with other retirees. 

As baby boomers continue to dominate the housing market, it is likely that the real estate industry will need to adapt to their needs. For example, real estate agents may need to focus on marketing homes that are more accessible and easier to maintain, such as single-story homes or those with features such as grab bars and wider doorways. 

Additionally, real estate agents may need to be more familiar with retirement communities and other senior living options. According to the NAR survey, 33% of home buyers aged 64 to 72 purchased a home in a senior-related housing community. Real estate agents who specialize in these types of communities may have an advantage in catering to the needs of baby boomers. 

If you are a baby boomer looking to buy or sell a home, there are a few things to keep in mind. First, make sure to work with a real estate agent who has experience working with baby boomers and understands their unique needs. Ask for referrals from friends and family members who have had positive experiences with real estate agents. 

Additionally, consider your future needs when looking for a home. Do you want to downsize? Do you want to be close to family members? Do you want to live in a community with other retirees? These are all important factors to consider when looking for a new home.

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