Baby boomers are dominating the housing market, both in terms of buying and selling homes, according to a new report.
Boomers are once again the biggest generation. Their share of selling rose to 52% in 2022 from 42% in 2021, according to an annual report by the National Association of Realtors.Younger boomers dominated selling, comprising 30% of home sellers. The median age for this group was 63, and median income of $89,500.
Older demographics said they wanted to sell due to retirement; younger generations said they wanted a bigger home or needed to relocate for work.In Akron, for instance, there was an influx of people choosing to live in the state during the pandemic, lured in by more affordable housing, said Ali Whitley, president-elect of Ohio Realtors. The average sales price of a home in Ohio in February was $245,000, up 4% on February 2022, according to the Ohio Realtors association.
Younger generations moved shorter distances, typically moving 15 miles away, the NAR noted, versus younger boomers moving away the furthest, at a median of 90 miles.
Hey maybe we should have stuck with GOLD MISERS and hoarders....our 'economy' might be just as 'good'
It looks like the housing market is still going strong despite the uncertainty! RealEstate