As you may know, baby boomers are now the largest group of homebuyers in the United States. In fact, they currently make up 39% of all buyers, surpassing millennials as the dominant force in the housing market. And this trend is only expected to continue in the coming years.
According to recent projections, baby boomers will account for 52% of all sellers in 2022. This is a significant increase from the current level of just 26%.
One of the most interesting trends that we're seeing is the distance that buyers are willing to travel to their new home. The median distance has increased to 50 miles, which is the greatest median distance in the survey's history. This suggests that people are becoming increasingly willing to relocate to find their perfect home.
So, what does all this mean for you? If you're thinking about buying or selling a home in the near future, it's important to be aware of these trends. Baby boomers are increasingly active in the housing market, and they're often willing to travel long distances to find their ideal property. As a result, it's important to be prepared to cater to this growing demographic.
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