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Baby boomers, baby boomers, baby boomers, we all hear this term again and again. Who are the baby boomers? Baby boomers are people in the United States born between 1946 and 1964. Approximately 78.2 million people fall into this category.
As a group, baby boomers comprise the largest population cohort in U.S. history. The size of the group attaches great influence on American politics, popular culture and, Of course, real estate. To assess the influence of baby boomers on the future of real estate, the National Association of Realtors (NAR) A study in 2006. The research results were published in the report entitled "Baby Boomers and Real Estate: Today and Tomorrow. Then are some highlights from the study of the NAR.
AGE Distrbution
According to the NAR report, baby boomers now in the age range of 42 to 60 years of age. The "baby boomer" is typically 50 years old and the oldest baby boomers turned 60 in 2006. Around 46% of baby boomers are in their 40s, and about 25% at least 55 years of age.
INCOME
As a group, baby boomers are in their peak earning years. In 2005, baby boomers had a household income of $ 64,700, and approximately 25% had a household income of at least $ 100,000 per year.
HOME OWNERSHIP
About 78% of baby boomers own a home, which is higher than the national rate of 69% ownership. About 96% of baby boomers believe that homeownership is a financial asset investment.
FUTURE REAL ESTATE SHOPPING
About 10% or 7.8 million of all baby boomers said they were willing to buy real estate in the next few 12 months. Of these potential buyers, two thirds were planning to buy a primary residence, 26% want to buy the land, 19% want the rental property, 15% want a vacation home or seasonal home and 14% want a commercial property.
WHAT FEATURES ATTRACT BOOMERS
When the baby boomers asked about what features are most important to them, 38% wanted a lower cost of living, 38% wanted to be near family 38% wanted easy access to quality health care, 37% wanted a better climate, and 36% wanted to be near a body of water.
PREFERRED COMMUNITY SERVICES
When the baby boomers were asked about the type of community services that interest them most, about 18% wanted to be close of the cultural, 9% wanted to be closer to his family, 4% wanted to be on a golf course, and 3% wanted easy access to educational facilities.
WHERE BOOMERS want to retire
When the baby boomers were asked about where they want to retire, 33% of them want to retire in a rural area, 30% in a small town, 25% in a suburban area, and only 12% in an urban community.
BOOMERS AND REAL ESTATE AGENTS
Baby boomers always use the services of a realtor. Approximately 60% of home buyers and 79% of home sellers used an agent real estate in your last transaction.
ABSTRACT
The baby boomers have had and continue to have a significant impact on the market property. As baby boomers near retirement, who follow the real estate value and continue to invest in property and land. Real estate agents would be well served to understand what baby boomers want in terms of their real estate investments, and design strategies that target the needs of this cohort huge population. For more information, read the NAR report entitled, "Baby Boomers and Real Estate: Today and Tomorrow
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Article Source: ArticlesBase.com – Baby Boomers Will Drive Real Estate Growth
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