The housing downturn and economic recession introduced some very intriguing details to Younger Boomers.
The Baby Boom generation is arguably the most visible generation in America right now, yet given its diversity, it still manages to surprise us.
So, in our continuing coverage on NAR’s Home Buyer and Seller Generational Trends report, we thought we’d look at five of the most interesting findings in the report on “Younger Boomers,” a sub-group composed of Boomers aged 49 to 58.
1. Many are Single – Though we often see images of Younger Boomers either in familial or marriage-based settings, a full third of them (that’s 33 percent) are single females or single males.
2. Yet, They Live Multi-Generational – Nearly a quarter of Younger Boomers (22 percent) purchased a multi-generational home in 2013, and their reasons differed: 38 percent did so because a child older than 18 moved back; 18 percent did so to save costs; and 15 percent did so to take care of aging parents.
3. They Like Green Pastures – Aside from job relocation, the most common reasons that Younger Boomers sold their homes involved moving to better, more appropriate areas. Specifically, the other two reasons were: the desire for a smaller home; or that their present neighborhood was less desirable. Given how many Younger Boomers are returning to cities, such findings are hardly surprising.
4. Some are Underwater – Even Younger Boomers were impacted by the falling home prices of 2008 to 2011; indeed, although Younger Boomers (on average) plan to live in their home for 20 years, 10 percent still had to stall their home sale because they were underwater on their mortgage.
5. They are Negotiators – Finally, Younger Boomers are avid negotiators, and not just on the cost of the home. More than any other generation, they are the most likely to bring up an agent’s commission rate or fee for negotiation.