How Baby Boomers Compare to Other Home Buyers
Baby boomers are making their mark on housing once again, this time as they age toward retirement—and whether moving up, downsizing or purchasing a second home, their preferences are clear-cut across the board.
According to a recently released study by the National Association of Home Builders (NAHB), “Housing Preferences in the Boomer Generation: How They Compare to Other Home Buyers,” boomer homebuying activity hinges on everything from location to size and design:
• Sixty-three percent of boomers cited in the study would like to purchase a single-family detached home, a finding in line with the 65 percent of all buyers.
• Seventy-five percent of boomers prefer to purchase a single-story home.
• Fifty percent of boomers express interest in a full or partial basement. This preference appears to decline with age.
• Thirty-seven percent of boomers are willing to purchase a home without a living room. This preference appears to decline with age.
• Just 13 percent of boomers are willing to pay more for a home out of concern for the environment.
• Only 7 percent of boomers prefer to purchase a home in a central city location. Approximately two-thirds prefer to purchase a home in the suburbs (close-in or outlying), and just over one-quarter prefer to purchase a home in a rural area.