No two baby boomers are alike, especially when it comes to homeownership.
A survey of 1,300 Coldwell Banker Real Estate agents and brokers shows attitudes on real estate vary, especially when dividing the segment into older (ages 56-64) and younger (ages 47-55) boomers.
Here’s a look at how the two groups compare in certain areas of real estate ownership:
More than one-third (34 percent) of agents say younger boomers (47-55) are interested in purchasing a second home; 22 percent say older boomers (56-64) are interested in purchasing a second home.
Thirty-one percent of agent respondents say that younger boomer clients are selling their current home and looking for a larger home. Just 6 percent say the same of older boomers.
Eighty percent of agents say that older boomer clientele are more likely to want to downsize their home than younger boomers, where 52 percent of agents concur. Interestingly, money is not the top reason. Nearly half (49 percent) of agents say the primary reason is that boomers want a simpler lifestyle; 28 percent of respondents say saving money is the leading reason boomers downsize.
Single vs. Multifamily
Younger booms are much more likely to prefer a single-family home compared to older boomers – 82 vs. 47 percent of agents agree. Among older boomers, 47 percent of agents say they are looking for a townhome or condo, while 27 percent say they’re eyeing an active-adult community. Overall, 87 percent of agents say they have boomer clients who already own an investment property or are looking to buy one.