Boomer 'Elites' Will Pay a Premium for Homes

Boomer 'Elites' Will Pay a Premium for Homes

Baby boomers are touted as being the wealthiest generation in U.S. history. But only one in 10 are considered affluent, according to a recent study conducted by Focalyst, a market research firm that is a joint venture of AARP and the Kantar Group. Of the more than 30,000 U.S. *****s over the age of 42 who participated in the study, only 9 percent (or one in 10) have an annual household pre-tax income of $150,000 ($100,000 if retired).Home ownership is important for this financially savvy group, which Focalyst dubs “Boomer Elites.” The study finds them well prepared for retirement; 95 percent (compared to 75 percent of all boomers) have some sort of savings or investments.They consider their home as an investment, according to Heather Stern, director of marketing for Focalyst. The average home value for this group is $519,000 compared to $282,000 for boomers overallNot only do almost all Boomer Elites own their own home, but they are more likely to own multiple homes. Approximately 21 percent of the Boomer Elites own at least two homes, and 7 percent said they plan to purchase an additional home. Among all boomers, only 8 percent own a second home and 2 percent plan to buy a second home.
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