Boomers a House Divided on Real Estate
Posted On October 25, 2011
Boomers can be described as two generations in one. Leading Edge Boomers (or Early Boomers, b.1946-1954) and Late Boomers (or “Generation Jones,” b.1955-64) often exhibit different traits and tendencies as consumers. Their current attitudes about real estate highlight the differences between older and younger Boomers perfectly.
A recent Coldwell Banker survey shows Leading Edge Boomers to be a generation preparing for retirement – downsizing, consolidating, conserving – while Late Boomers are still ambitious and acquisitive. According to the survey, only 6 percent of agents surveyed say their older Boomer clients are looking to upgrade, while 31 report that younger Boomer clients want bigger homes. Conversely, 80% of agents say older Boomers want to downsize compared to only half reporting that younger Boomers want smaller homes.
Similarly, agents report that most of their Leading Edge Boomer clients are looking for townhomes and condos (smaller and easier to maintain), as opposed to the 82% that report their Late Boomer clients are looking for single-family homes. Finally, more (34%) report young Boomers looking for vacation or second homes than (22%) older Boomers.
As in other industries, segmenting the Boomer generation can be essential to understanding their real estate preferences. Because of their differing life stages and differing formative experiences, Early and Late Boomers often form two distinct demographics within a single generation.
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Baby Boomers, Real Estate, Training Industry