Baby Boomers in Real Estate

Baby Boomers are those people born between 1946-1964.

There are approximately 78-79 million. Baby Boomers make up the largest population. The National Association of Realtors studied the Baby Boomer generation to see what differences there were with the next retirement group in terms of their Real Estate needs. They found that the Baby Boomers are significantly different than past generations in that they typically married later, had families later and plan to continue working till age 70.

How does this effect Real Estate? If you think about it, when all of the Baby Boomers needed housing…there was quite a boom in housing and think of all the products needed by Baby Boomers and how they affected the economy with their purchasing power.

Do you see how Baby Boomers have definitely had an impact on the economy through the years? If Baby Boomers plan on working either part-time or full time until around age 70, then they probably will not be purchasing their retirement homes.

However, the study shows that 4 out 10, who have a current income of over $100K per year, already have vacation homes and plan on converting them into their primary residence, later. Many of the Baby Boomers studied, said that they plan on possibly starting their own businesses.

Because of this, the Baby Boomer may decide to buy a larger single story home big enough for home offices. Eight out of ten Baby Boomers currently own their own home.

Although, some Baby Boomers prefer small rural areas, most look for amenities such as museums, art galleries and cultural activities which would be found in the urban cities. The majority of Baby Boomers seemingly want to purchase where the sun shines which is A-typical of previous generations.

As a Baby Boomer, I plan on continuing in Real Estate since I love what I do and have great dreams of fabulous far off destinies. This is a good resource for Baby Boomers. If you are a Baby Boomer, what are your plans for retirement and when do you think you will retire? Are you a Baby Boomer? Do you have plans for retirement?

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