Boomers won’t go gentle into that good condo

It appears that boomers in the housing market have discovered Bryan Johnson, because they are rejecting the expectations of aging.According to the National Association of Realtors (NAR), 7% of homebuyers aged 61 to 70 said the main reason they bought their new home was because they wanted more space, up from 4% in 2016. While there are still more downsizers than upsizers among this demographic, thinking bigger is becoming more popular.The seniors have itWith “it” being large houses and purchasing power. Boomers and older Americans:Owned 28% of US homes with three or more bedrooms in 2024, according to Redfin.Account for 42% of current homebuyers, according to the NAR.Hold around $110 trillion in wealth, per the Wall Street Journal.The WSJ profiled many well-off boomers who want to age in place, prompting them to buy larger homes they can modify for their health needs, their guests, and even their collections.However, the boomer bottleneck in the housing market has conspired with other economic forces to limit homebuyer affordability. The NAR said it fell for the fifth straight month in June, and that the median price of an existing home of any type in the US hit an all-time high: $440,600.—HVL