More people who make over $75,000 per year are buying homes than ever before. A key reason for that trend is that Baby Boomers have reached the point in life when they are making larger incomes. In many cases, their offspring are also enjoying more income.
This was revealed in a recent study by Coldwell Banker Real Estate Corporation. It was also revealed that 66 percent of survey respondents aged 61 and up, and Baby Boomers aged 42 to 60, have owned between two and five homes. And nearly half of Generation Xers (aged 32-41 children of Baby Boomers) have owned between two and five homes.
It was also noted that about half of all respondents have owned more homes than their parents did when their parents were at a comparable age. These findings suggest that this trend will continue as the younger, upper income generations age, said Jim Gillespie, president of Coldwell Banker. Baby Boomers have already equaled the homeownership pace of those 61 and older, and they remain in their prime home buying years. The fact that Generation X homeowners are indicating they have owned multiple homes already shows that they understand the value of buying and owning real estate.
The study was executed online by Harris Interactive, surveying about 2,500 homeowners aged 25 and over who currently own a home or condo and have a minimum household income of $75,000. The project was implemented to gain a deeper understanding into the behavior patterns of upper income homeowners, it was reported. Interestingly, these homebuyers do not appear to be collecting houses as a means to expand their financial portfolios by constantly moving to bigger and more expensive homes, Gillespie said. Instead, the survey respondents indicate they move according to lifestyle needs. |
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