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Inland Empire Business News January, 2015.006
Inland Empire Business News January, 2015.006

Baby Boomers bullish on the housing market

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.”

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