Here’s C.A.R.’s “2014 Baby Boomer Survey”:According to a recent survey the wealthiest generation is the Baby Boomers and the first to drive the housing market, baby boomers will continue to be a pillar of the housing market, according to a 2014 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) survey of California baby boomers* (born between 1946 and 1964):
- Nearly all homeowners (92%) have equity in their home, but 77% said they don’t plan to use the home equity for income during retirement.
- More than half of homeowner boomers (59%) don’t plan to sell their home when they retire, with 78% of them indicating they won’t sell because they like their current home.
- Out of the 10% of current homeowners who plan on selling their home when they retire, nearly half (47%) plan to downsize to a smaller home, and 44% plan to move out of California.
- Despite the recent economic recession, only one in four baby boomers had to postpone retirement. On average, they plan to retire in nine years, with 67% saying they plan to retire within 10 years.
- Three in 10 baby boomers live with their children, with 2% saying they moved in with their children; 8% of them saying their children moved back in with them; and 21% saying their children never moved out. The majority of those living with their children live with adult children mainly due to their children’s financial troubles. Baby boomers pay for a majority of living expenses, with their children only contributing a median of $325 monthly for living expenses.
- Improved affordability would motivate boomer renters to buy a home, but 37% said they don’t want to buy.
- Less than half of boomer renters (47%) have debt that would prevent them from buying a home.