Community News

Older Boomers (aged 62 to 70 years) made up over 14 percent of all home buyers in 2016 and they are the most satisfied with their new home purchase at 92%.  What are some of the characteristics of this unique group of home buyers?

• They have the largest share of single female buyers at 21%.
• Their primary reason for purchasing a new home is for retirement (19%) followed by the desire to live closer to friends and family (19%).
• Compared to other buyers, they move the greatest distance at a median distance of 25 miles.
• Older Boomers are the most likely to make no compromises on the home they purchase and are most likely for their new home to be their "forever" home.
• Older Boomers are the most satisfied with the home buying process (91%) and the least likely to be frustrated with the paperwork process.
• Finally, Boomers are the second largest share of home sellers at 21% and they receive the highest average equity from their home sale at 36%.

This data shows that Boomers are the most likely to sell their existing home to be closer to friends and family and for retirement to another region of the country and they are also the most likely to sell and move when they want to.