A recent study conducted by the National Association of Realtors concluded that homebuyers over 55 are a growing segment of first time homebuyers. In the last 15 years, the share of homebuyers age 55 and over has doubled; senior first-time homebuyers accounted for 9% of that share which is the highest level since data collection started in 2003. For the complete USA Today article follow our link.
Forget millennials, homebuyers over 55 are a growing slice of first-time house owners
By JANNA HERRON | USA TODAY
You’re never too old for the American Dream.
Take Rupert and Pat Haller. Since 1974, these high school sweethearts planned to buy a quiet, spacious home, a far cry from the fourth-floor walk-up apartment in Jersey City where they spent most of their lives.
They finally closed on their first home in September, a ranch-style house in Toms River, New Jersey.
“It’s really what we strived to do,” said Rupert, 65. “After 45 years of marriage, we’re both retired, we have a house, and we spend every moment together. I’m very blessed.”
The Hallers represent a tiny but growing sliver of first-time homebuyers in this year’s housing market. The share of homebuyers 55 and older has more than doubled in the last 15 years to 38 percent. And senior first-timers accounted for 9 percent of that share – the highest level since data was first collected in 2003, according to the 2018 Homebuyer Profile report from the National Association of Realtors given to USA TODAY exclusively.
“People are living longer, working longer and have steady income in retirement if they even retire at all, so they feel comfortable taking on a mortgage in their senior years,” says Jessica Lautz, NAR’s managing director of survey research and communications.
Affordable rent and earlier financial woes kept many of these older homebuyers on the sidelines as they worked long hours, raised children and eventually welcomed grandchildren. As their golden years approached, their circumstances changed, and new possibilities opened. Read entire article.