Industry News

Baby boomers drive second-home market

Survey: Generation is working longer, living longer

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About 25 percent of baby boomers own one or more types of real estate in addition to a primary residence, and boomers own 57 percent of all vacation and seasonal homes and 58 percent of rental property, according to a survey conducted by Harris Interactive for the National Association of Realtors trade group. The baby boomers study, based on responses from about 2,000 U.S. baby boomers born from 1946-64, also found that home equity accounts for about half of the net worth for middle-income boomer homeowners, and about nine in 10 of boomers earning $100,000 or more each year are homeowners. About 19 percent of survey respondents are renters, 37 percent say they have just enough to make ends meet, and 17 percent say they are having financial difficulty, the survey revealed. About 13 percent of respondents own land, 8 percent own rental property, 7 percent own a vacation home or seasonally occupied property, 2 percent own commercial real estate and 3 percent some other kind of real esta...