Study Finds that the People of the Age Group Above 55 Form More than 19% of Home Buyers
Studies showed that in the year 2007, buyers aged 55 and above accounted for 19% of all home buyers, according to a research study made by the Metlife Mature Market Institute and The National Association of Home Builders. But the number of houses bought by this age group has fallen since the year 2005 and it is projected to fall likewise until the year 2010 because of the unstable conditions in the housing markets.
These baby boomers and senior home buyers continue to pay mortgages while relying on their current wealth, according to a report “Housing for the 55+ Market: Trends and Insights on Boomers and Beyond.”
More than 69% of home buyers aged 55 and above used a mortgage to purchase a home in an age-qualified community, a jump of more than 50% when compared to the figures for 2005. And more than half of home buyers in the same age group bought a home in an age-qualified community. There was also a drop in mortgages taken by older borrowers for homes in other 56+ communities (not age restricted).
Home ownership in the 55+ age group has remained nearly constant at nearly 71% since 2001. The average income of home owners drops as the age of homeowners increases.
The study was based on Housing Survey Data from 2001 to 2007. The results were released on April 28 in Philadelphia.
