Industry News

Survey: Boomers hooked on real estate

But investments may overshadow retirement planning

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Baby boomers have a higher rate of home ownership than the national average and one out of four owns more than one property, according to a new study commissioned by the National Association of Realtors. The study of nearly 2,000 Americans born between 1946 and 1964, conducted for NAR by Harris Interactive, also shows boomers are optimistic about the future, but many are not adequately prepared for retirement. David Lereah, NAR's chief economist, said marketing to this generation has been and can be a challenge. "As a group, boomers are in their peak earning years and continue to wield great influence in the U.S. economy, but they are not homogeneous – there are significant variances in needs, behavior, attitudes and resources," he said. "On one hand is an almost insatiable desire for real estate, with some owning multiple properties, and on the other, many have not adequately planned for retirement. What should not be overlooked are the discretionary spending interests of thi...