Baby Boomer Attitudes on Housing Might Surprise You
Jann Swanson | Mortgage News Daily | Oct 31 2014 | link
A survey of attitudes toward housing released on Thursday by The Demand Institute indicates that the Baby Boom generation still has no intention of aging gracefully. In fact, when it comes to housing it appears few intend to yield at all to their advancing years.
The Institute, a nonprofit run by the Conference Board and the Nielson ratings people, surveyed 4,000 households last year in which residents qualified as members of that huge post-war generation born between 1944 and 1963 about their future housing plans.
The survey found that as a group Baby Boomers had a median net worth of $200,000 in 2007 and were on their way to accumulate nearly $370,000 by 2013. Instead the recession sent many off the rails and at the time of the survey that median net worth was down to a median of $143,000. Although many Boomers have delayed or modified their plans due to the recession they have, the Institute says, not abandoned them entirely. Over the next five years it is expected they will spend $1.9 trillion on new home purchases and $500 billion on rent.