Only 19% of baby boomers think they could have afforded a home in a market like today’s, yet 71% believe younger generations could if they didn’t spend frivolously.
ST. LOUIS – Just 15% of current baby boomer homeowners expect to sell their homes in the next five years, while more than half (54%) never plan to sell, according to new research from Clever Real Estate, a St. Louis-based real estate company.
While 61% of boomers surveyed currently own homes, fewer than a third (30%) expect to put their homes on the market by the mid-2030s.
More than three-quarters of boomer homeowners (76%) believe owning a home is the primary reason they’re financially secure, and 46% would consider themselves a failure if they didn’t own a home.
Nearly two-thirds of those who plan to sell their home (65%) expect to profit over $100,000 from their home sale, with 40% anticipating $200,000 or more.
Half of boomers (50%) bought their first home for $75,000 or less, and 64% paid under $100,000. At the time, 44% earned less than $30,000 a year — a quarter of the $120,000 in annual income currently required to own the median U.S. home, which costs about $332,000.
What’s more, fewer than half of boomers (47%) needed dual incomes to buy their homes, and only 6% cited high home prices as their biggest challenge when buying.
Only half of boomers (50%) believe they could still afford a home today, and 12% think they face more challenges than any other generation in affording homeownership.
Despite this, 42% of boomers think younger generations had an easier time buying a home in their 20s, while 41% see themselves as the generation least responsible for the affordable housing crisis. Over a third of boomers (39%) believe they are still the best generation to lead housing policy.
More than half (57%) of boomers believe younger generations could afford homes if they tried harder, and about 7 in 10 (69%) think there would be fewer problems if younger generations were more like them.
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Author: amyc