Different generations buy and sell homes in different patterns. Baby Boomers, Gen X, Gen Y (millennial) and Gen Z comprise most of the current U.S. population. But who owns the homes?
Here are a few interesting statistics about baby boomers (currently 55 to 75 years old)*:
4 Statistics about Baby Boomers in California and Real Estate
1. Baby Boomers own 34 percent of homes in California
2. The median net worth of a baby boomer is $230,000 compared to a millennial with a net worth of $10,000
3. Seventy-one percent of home owners over the age of 55 years old have not moved since 1999! Almost half (47 percent) do not plan to move
4. Forty-three percent of baby boomers plan to help their children financially so that they can buy a home
How does that affect you? Whether you are a baby boomer or if you are a millennial, the housing market is connected! When a baby boomer decides to sell the house they have lived in since 1999, then it might be a Gen X buyer moving in. Maybe there are significant repairs or remodels that are required because the home hasn’t been updated in a few decades.
Turnkey or HGTV Remodel Project?
Some buyers want turnkey homes with new kitchens & appliances, whereas other buyers are up for the fixer-upper challenge and enjoy the thrill of their own HGTV remodel experience. What category do you fall into? Brand new & move in ready or the adventure of fixing it up?
The benefits of turnkey homes include that they are move-in ready. Unless you have somewhere to live while the construction is going on, living in a home that is being remodeled can be stressful! Noise, debris, and inaccessible rooms (for example: the kitchen is off limits) can make certain home buyers gravitate towards purchasing a home that is already remodeled.
Contact us for a free home value analysis!
We represent home buyers and home sellers of all agents and demographics. Call us today at 626-609-2130!