IE Business Daily Business news for the Inland Empire.
Even though the oldest of their generation is nearing retirement, Baby Boomers will still play a major role in California’s housing market.
Sixty three percent of the state’s boomers who rent say they would be inclined to buy a home for several reasons, including finding one they could afford or if it would improve their finances, according to a survey released by the California Association of Realtors.
Twenty two percent of all California’s boomers – anyone born between 1946 and 1964 – say they expect to buy a home within the next five years, the survey stated.
Nearly half of those surveyed who previously owned a home reported selling it primarily for financial reasons. Even so, the vast majority of boomers still have a strong desire to own a home, the survey found.
“Baby boomers are in their peak earning years, and will continue to wield great influence on the housing market,” said Chris Kutzkey, president of the Los Angeles-based association, in a statement. “Even those who went through financial difficulties during the economic crisis recognize the benefits of homeownership and would rather buy another home than rent.”
