Baby boomers, those born between 1946-1964, were urged to buy their first house when their growing family required more space. They planned to stay put until the children were out of school, and sometimes to keep the family home to share with their grandchildren too.
Generation X, those born between 1965– 1978, and Generation Y, those born between 1979– 1994, are buying for a safe financial investment.
Other differences of perspectives include: Gen X bought their first home later in life than Boomers yet Gen Y are buying at a younger age. Gen X and Y spend 25% of their income on their purchase whereas Boomers spent only 21%.
Fifty-nine percent of seniors view their home as a retirement asset, though only 26% plan to use it to finance their retirement. Thirty-six percent plan to leave it to their heirs. Four percent plan to take out a reverse mortgage and 4% plan to take equity from their home for improvements within the next year. Currently 18% of seniors downsize to Active Adult Communities.
Generation X, those born between 1965– 1978, and Generation Y, those born between 1979– 1994, are buying for a safe financial investment.
Other differences of perspectives include: Gen X bought their first home later in life than Boomers yet Gen Y are buying at a younger age. Gen X and Y spend 25% of their income on their purchase whereas Boomers spent only 21%.
Fifty-nine percent of seniors view their home as a retirement asset, though only 26% plan to use it to finance their retirement. Thirty-six percent plan to leave it to their heirs. Four percent plan to take out a reverse mortgage and 4% plan to take equity from their home for improvements within the next year. Currently 18% of seniors downsize to Active Adult Communities.
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