Jumping from 29% in 2021 to 39% in 2022, to a whopping 44% now; baby boomers now make up the largest generation of home buyers. The millennials had previously held that title for the past 9 years. This all according to the latest National Association of Realtors (NAR) Home Buyers and Sellers Generational Trends report.
The National Association of Realtors reports that Baby Boomers are very often repeat buyers who have already have housing equity to propel them into their dream-home situation - a place where they can enjoy their retirement or a home nearer to friends and family. They are living healthier, longer lives and they don't mind a move into a more appropriate home later in life.
In addition to home buying, baby boomers are are also leading the way as the largest home seller generation, jumping up to 52% in 2022, even though they only make up 24% of the total population. Baby boomers have the biggest share of real estate wealth in the U.S. and they aren't selling their homes as they grow old like they used to. They aren't moving in with their kids, into an assisted living or nursing facility or downsizing to a little no-maintenance condo somewhere. They are choosing to grow old in their homes.
The concept of aging in place, already growing in popularity before the pandemic, has found renewed interest among baby boomers, some of whom are now wary of assisted living and nursing homes, where at least one third of U.S. Covid-19 deaths have occurred.
You may share the often-heard wish — "I want to stay in my own home!" The good news is that with the right help you might be able to do just that. Staying in your own home as you get older is called "aging in place." Planning ahead is difficult because you never know how your needs might change as you and your spouse get older. Maybe you live alone, so there is no one living in your home who is available to help you. Maybe you don't need help right now, but you live with a spouse or family member who does. Either way, life comes will all sorts of surprises and if you'd like to continue living in the home you have, you may have to think about modifications.