Baby Boomers Will Drive Real Estate Growth
Contemplating whether—and where—to retire
By Luis Miranda (right)
Baby boomers have been a driving force in many areas of the economy, culture, and consumer attitudes for several decades. As the oldest boomers approach retirement in the next few years, they will begin contemplating not just whether to retire, but also where they want to live in the next stage of their life. One big component of this decision is the housing choices that boomers must make as they decide whether to sell a home, relocate, or invest in real estate.
As a group, baby boomers comprise the largest population cohort in the history of the United States and Canada. The size of the group gives it vast influence over North American politics, popular culture, and, of course, real estate and international real estate.
To evaluate the influence of the baby boomers on the future of real estate, the National Association of Realtors (NAR) conducted a study in 2006. The findings of the research were published in a report titled Baby Boomers and Real Estate: Today and Tomorrow.
Although the study is from 2006, demographics are demographics, and baby boomers are baby boomers. "Baby Boomers are the most powerful consumers in the marketplace today and will continue to be, regardless of the economic climate, for many years to come," say David Weigelt and Jonathan Boehman in their great book Dot Boom: Marketing to Baby Boomers Through Meaningful Online Engagement.
Published September 9, 2009
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Introduction