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Baby Boomer Sellers And Buyers
Following are highlights from an article about the future of housing as it pertains specifically in regards to Baby Boomers (the 76M people born between 1946-1964), who currently would be between the ages of 50-68.
The financial crisis put an end to years of rapid wealth accumulation, causing the typical Boomer household's net worth to fall to $143,000 in 2013 from just over $200,000 in 2007, according to Federal Reserve data.
This generation is carrying a lot more mortgage debt. The median outstanding mortgage balance for 50- to 69-year-olds was $118,000 in 2013, up from $48,743 in 1992.
Those who said they plan to move into a smaller home were much more affluent, with a median net worth of $322,000, the Demand Institute found.
Only one-in-five of the movers said they intend to live in senior housing.
More than 17% of the 76 million Boomers are already retired and about 10,000 will reach the traditional retirement age of 65 every day for the next 15 years. And even though many Boomers plan to stay in their current homes, the Demand Institute estimates that this generation will purchase about $1.9 trillion in homes over the next five years.
Need a passionate, hard-working advocate to assist you in Real Estate? Whether buying or selling, Jennifer provides top-notch customer service and will go the extra mile. Jennifer specializes in Monument, Colorado Springs, and the surrounding Pikes Peak area!
Realtor / Broker Associate
Trusted in Real Estate for 18 years+
Exit Realty Pikes Peak
Colorado Springs, Colorado
Search Homes: www.jennifersellscoloradosprings.com
I have been a Realtor for over 20 years combined in Las Vegas, Michigan and Colorado. I started my career in 1998 as a Selling Partner for The Award-Winning Brenkus Team with Keller Williams in Nevada....