Though first-time buyers are typically the driving factor behind a healthy housing market, industry experts increasingly see baby boomers as key to the housing recovery. Affordability is at all-time highs and, because homeowners of middle age or older have generally lived in their homes longer and have built up more equity, they’re better positioned to take advantage of market conditions. In addition, repeat buyers accounted for 56 percent of the market share during the second quarter, up from 40 percent the year before. The majority of repeat buyers are over the age of 45. Also, people age 55 or older account for almost 25 percent of all new custom-home purchases. Sharon Dworkin Bell, senior vice president of the 50+ Housing Council at the National Association of Builders, says when the recovery starts, the boomer segment will be the one that moves the fastest. More here.
