54% of Boomer Homeowners Never Plan to Sell Their Home

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Sep 10, 2024, 08:38 ET

Only 19% of boomers think they could have afforded a home in their 20s in a market like today's, yet 71% believe younger generations could buy a home if they didn't spend frivolously.

ST. LOUIS, Sept. 10, 2024 /PRNewswire/ -- Just 15% of current baby boomer homeowners expect to sell their homes in the next five years, while more than half (54%) never plan to sell, according to new research from Clever Real Estate, a St. Louis-based real estate company.

While 61% of boomers surveyed currently own homes, fewer than a third (30%) expect to put their homes on the market by the mid-2030s.

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More than three-quarters of boomer homeowners (76%) believe owning a home is the primary reason they're financially secure, and 46% would consider themselves a failure if they didn't own a home.

Nearly two-thirds of those who plan to sell their home (65%) expect to profit over $100,000 from their home sale, with 40% anticipating $200,000 or more.

Half of boomers (50%) bought their first home for $75,000 or less, and 64% paid under $100,000. At the time, 44% earned less than $30,000 a year — a quarter of the $120,000 in annual income currently required to own the median U.S. home, which costs about $332,000.

What's more, fewer than half of boomers (47%) needed dual incomes to buy their homes, and only 6% cited high home prices as their biggest challenge when buying.

Only half of boomers (50%) believe they could still afford a home today, and 12% think they face more challenges than any other generation in affording homeownership.

Despite this, 42% of boomers think younger generations had an easier time buying a home in their 20s, while 41% see themselves as the generation least responsible for the affordable housing crisis. Over a third of boomers (39%) believe they are still the best generation to lead housing policy.

More than half (57%) of boomers believe younger generations could afford homes if they tried harder, and about 7 in 10 (69%) think there would be fewer problems if younger generations were more like them.

Read the full report at: https://listwithclever.com/research/baby-boomers-housing-market-2024

About Clever Real Estate

Clever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 2,300+ customer reviews. Since launching in 2017, Clever has reached $8.5 billion in real estate sold, matched 100,000+ customers with realtors, and saved consumers over $160 million on commission fees. Clever's network spans 19,000 agents across all 50 states.

Please contact Alyssa Evans at [email protected] with any questions or to arrange an interview.

CONTACT:
Alyssa Evans
Clever Real Estate
[email protected]
315-690-1518

SOURCE Clever Real Estate