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Only 15% of today’s Baby Boomer homeowners have any plans to sell their homes in the next five years. And more than half (54%) have no intention of ever doing so.
That’s according to new research from Clever Real Estate, a St. Louis-based real estate company, which surveyed 1,100 American Boomers to get some clarity on their perspective as it relates to homeownership and the housing affordability crisis.
Twenty percent of those Boomer respondents have never owned a home. Six in ten of them (61%) currently own homes. And less than one-third of those Boomer homeowners (30%) expect to sell their homes by the mid-2030s.
Among the factors behind that reluctance to sell is the belief, held by 76% of Boomer homeowners, that homeownership is the primary reason for their financial security. Nearly nine out of ten (86%) believe owning a home leads to a more stable home life.
Nearly half (46%) say they would consider themselves a failure if they did not own a home.
Two-thirds of Boomer respondents who have never owned a home (66%) regret it. On the flipside, almost half of those who no longer own homes (47%) say they would not recommend homeownership to younger generations.
Almost two-thirds of Boomer respondents who do plan to sell their home (65%) expect a profit of more than $100,000 from the sale. Four in ten (40%) expect $200,000 or more.
Boomer stats on the first home purchase
Fifty percent of Boomers who have bought a home paid $75,000 or less on their first home purchase; 64% paid less than $100,000.
At the time, 44% of Boomers earned less than $30,000 a year—one-fourth of the $120,000 in annual income required today to own the median-priced U.S. home at about $332,000.
It’s also worth noting that fewer than half of Boomers in the survey (47%) needed two incomes to buy their homes. And only 6% considered high home prices one of their biggest hurdles to homeownership.
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