May 27, 2006
Boomers Bet on Property
Baby boomers love their real estate. So much that they're counting on it to help them fund retirement.
Since most of them haven't saved much, they'll probably need it.
One in four Americans born from 1946 to 1964 own more than one property, according to a survey of nearly 2,000 boomers done this spring by Harris Interactive for the National Association of Realtors. They're also much more likely than the total U.S. population to own their primary residences.
Boomers have "an almost insatiable desire for real estate," David Lereah, the NAR's chief economist, said in a statement. They see real estate as "a way to build and protect a nest egg."
Boomers own 57% of vacation homes and 58% of rental property, according to the NAR. Beyond their primary residences, 13% of boomers own vacant land, 8% own rental property, 7% own a vacation or seasonal home and 2% own commercial real estate.
