Senior Spotlights: Surprising Stats On Boomer Buyers

August is more than halfway over, and the real estate news continues to shine on the trends that are shaping this dynamic, changing and challenging market. Today we wanted to share 5 facts you may not know about older adults as homebuyers, based on recent articles from Fortune Magazine® and Yahoo! Finance®.

#1: In 2024, there were more home buyers over the age of 70 in the U.S. than under the age of 35, according to NAR®.

#2: Older baby boomers (born1946-1954) accounted for 22% of home buyers; the share of “younger” millennials (1990-1998) and Gen Zers (1999-2011) were just 14% and 5%, respectively.

#3: 46% of homes purchased in 2024 were by those aged 60 and over – according to Deutsche Bank. 

#4: The median age of a home buyer is now a record-high 56 years old, up a full decade from 2021. 

#5: Boomer home purchases include downsizing into a smaller property and second home purchases. 

If you are wondering why older adults are dominating the purchase market, both Fortune and Yahoo! Cite the affordability challenges for younger generations. Yahoo! Finance reports that “The gap between what homes cost and what people earn has widened dramatically, leaving many younger Americans stuck renting or living with family longer than expected.”

Similarly, Fortune reports that “Wages haven’t kept up with home prices. According to a 2024 report from the U.S. Department of the Treasury, rents and house prices have been rising faster than incomes across most regions of the U.S.”. 

Resources Used: Today’s housing market is so upside down there are more senior citizens buying homes than Gen Z and millennials ; Struggling To Buy Your First House? You’re Not Alone: Homebuyers Over the Age of 70 Now Outnumber Those Under 35

Questions? Comments? Feel free to reach out anytime at bobbi@bobbidecker.com. 

Enjoy the rest of August!

Bobbi 

Bobbi Decker
DRE#00607999

Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com

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CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/