Despite making up just one-third of the U.S. population, the Baby Boomer generation has more than 60% of the nation's household real estate wealth. With the growing trend of aging in place, many of these aging Boomers are looking to move house so they can downsize, according to Construction Coverage. Because of this, Boomers aged 55 and older accounted for approximately 21.2% of homebuyers in 2023.
The share of buyers over 55 varies by state, with Delaware leading at 38%. Other popular states for older buyers include Florida, with 32.1% of buyers in this age category; South Carolina, where 31.3% of buyers are 55 or older; and Arizona, where 31.2% of buyers were Baby Boomers in 2023. These areas are typically favored for their warmer climates, affordability, or recreational opportunities.
In contrast, colder climates generally attract fewer older homebuyers, with some exceptions like Maine, Wyoming, and Montana. States such as North Dakota, Utah, Minnesota, and New York see relatively low shares of homebuyers aged 55 and over, each with 16% or less. Overall, the Midwest and Northeast have some of the lowest rates of older homebuyers, as these regions are typically less popular for retirement or second homes compared to warmer, sunnier areas. Read more
