Baby Boomers: Greatest Real Estate Generation?

Baby Boomers (78 million Americans born between 1946 and 1964); unlike any other previous demographic group have a seemingly voracious appetite for real estate. This is shown through a study by NAR which was based on a statistically representative sample of 1,969 boomers polled early this spring.

Here’s just a sampling of the findings:

• Nearly eight in 10 own their own homes, and among higher income boomers the homeownership rate exceeds 90 percent. Boomers account for just 38 percent of all households, but they own more than half of all second homes.
• 1 out of 4 boomers owns at least one piece of commercial real estate, land, rental property or a vacation home. One third of all boomers who own rental real estate own more than one unit. Among those who own commercial property, 29 percent own multiple investment parcels.
• Nearly one of every seven baby boomers owns undeveloped land, with a median holding of five acres. Forty-four percent of those who own land report their holdings range from 11 to 100 acres or higher.
• Even with all the real estate they already control, boomers plan to keep buying more of it. Among those with household incomes of $100,000 and up, 37 percent say it is likely or extremely likely that they will purchase real estate within the next 12 months.
  

To learn more about the real estate open in your area contact Nolting Real Estate at www.NoltingRealEstate.com and/or 636-391-9997.