Industry News

Baby Boomer ‘babies’ may fuel real estate boom

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The Baby Boomers, a massive middle-aged generation born between 1946-64, are a promising group of home buyers, according to the latest annual study conducted by Del Webb, a developer of active adult communities. There are an estimated 27 million Baby Boomers ages 40-45, and about 4.5 million of them turn 40 this year. According to the study, about 75 percent of Baby Boomers who are 40-45 said they plan to buy a new home when they retire. About 33 percent now own two homes or would consider owning two homes. About 60 percent of this younger group said they want to live within a one-hour drive of their present residence when they retire, while about 16 percent of the elder Boomers make that same demand. About 80 percent of these younger Boomers said retirement is a goal in their future, and 15 percent predict their marriages will improve after they quit their main careers. Only 6 percent said that going back to school is a top priority and 4 percent said they want to open their own b...