La Quinta, California

La Quinta, California
Desert Luxury

Desert Luxury Realty

Thank you for visiting my blog. When you choose Mary Williams, as your real estate agent, you are working with a team of seasoned professionals who cater to your every real estate need. Buying or Selling your home does not need to be full of hassels or needless pressure. Take it easy and enjoy the luxury of the desert. I look forward to assisting you with your search or sell of your home. Contact me today!

Wednesday, January 28, 2015

Are You a Desert Area Boomer?

baby boomers

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.