Baby Boomers and the Real Estate Market – Charlotte NC

Before the housing market and economy took a dive, baby boomers already had their stake in the real estate market and their influence on it seems to be growing stronger. According to the National Association of Realtors (NAR)  “over fifty-fivers” bought 21% of the homes sold in 2008 compared to 13% in 2001. A new study by the NAR revealed that baby boomers own more homes than the national average and one out of four boomers owns more than one property.

Baby Boomers are looking for a Different Type of Home

The current housing market makes it a great time to take advantage of deals in real estate, including  looking ahead and buying a home for retirement. Retirees and those planning for it that are in the market to buy property are gravitating towards homes that are different than what they might have purchased in the past. They want homes that are easier to manage, preferring smaller residences that are low maintenance and easy to get around in. They also want homes with features geared towards older buyers such as lower cabinetry, non-slip floors, etc. 

What Baby Boomers consider to be the Perfect Retirement Location

First of all, boomers don’t really like the idea that they are “aged.” Consequently, they are less inclined to buy into 55 and older communities as their parents’ generation did. A recent survey of baby boomers, done by the National Association of Realtors®, revealed what the perfect retirement location would include:

• Quality of living with a comparable lifestyle
• Easy accessibility to quality health care
• Secure and safe community environment
• Easy access to shopping and travel facilities
• Stable retirement real estate values
• Moderate climate without extreme weather
• Natural beauty of living environment

There are many wonderful neighborhoods to choose from in the Charlotte, metro area that meet all of the above criteria.

Some Interesting Baby Boomer Real Estate Statistics

According to the Baltimore Sun, 96% of all baby boomers feel that home-ownership is an intelligent way to invest their money. Four out of five boomers own their own home and one out of four own real estate in addition to their primary residence such as a vacation home, rental property or some other type of passive income generating property.

Nationwide, the median home value for baby boomers’ primary residence is $181,700.  However, depending on what area of the nation they live in, home values can vary significantly. 

• In the South, which includes Charlotte North Carolina real estate, the median home value of a baby boomer’s primary residence is $147,800.
• In the Northeast, the median home value of a baby boomer’s primary residence is $215,000.
• In the Midwest, the median home value of a baby boomer’s primary residence is $143,000.
• In the West, the median home value of a baby boomer’s primary residence is $359,100.

For most boomers, home equity is a significant portion of their total household net worth. 36% of boomers between the age of fifty to sixty years and who own homes report that the equity of their primary residence equals 51% -100% of their household net worth. 38% of bay boomers between the age of forty two and forty nine years old report the same.

Real Estate Homes For Sale Charlotte North Carolina

There has never been a better time to buy real estate in Charlotte, NC  and take advantage of the great deals that are currently available. If you are in the market to buy a retirement home in Charlotte, NC or purchase real estate property in the Charlotte metro area, contact Leigh Brown.  Leigh is a native of Concord, NC  and is the ‘premier’ real estate broker in Charlotte, NC.