Contrary to common belief that the baby boomers are the wealthiest among us, to date are the statistics now tell us that, in this generation, only the same percentage held second homes as was the case with their parents. And this could even be simply because they inherited!
So why does everyone think the baby boomers that together? Is it because they think they can save so well? They were reared by parents who have been through war and became accustomed to a frugal lifestyle. Is it because we have read that they will be the last generation to have a big fat private pension?
In fact, we have this scenario due to a misunderstanding or bias in the reporting of those facts. There is some truth in the fact that baby boomers have made second home market to increase substantially, but this is only because the baby boomers as a large proportion of the population.
Therefore, more second homes were bought, but only the same percentage of the entire population of baby boomers have managed to buy a second home. Is aging population has increased, not desire a second home.
A recent survey, "Housing trends among baby boomers, has yielded some interesting data. The investigation was conducted by the Research Institute for Housing America: a section of the Mortgage Bankers Association. Maybe The most astonishing fact was discovered that only 15
% Of the owners of over 50 own a second home. This is the same percentage as in the generation parent.
However, this does not mean the other 85% of stick at home all the time. A very popular getaway "for baby boomers and other groups older makes use of the RV to a resort and spend several months in the tibia. This is commonly known as "snow birding". It also popular past, when he retired to drive the car to a resort RV and rent an RV for a few months.
The survey of second home and baby boomers are presented another interesting fact that any prospect of second home ownership should reflect on. It seems that half of the owners of second homes only spend two weeks or less in their second home, and third to spend four weeks or less – a revelation. Perhaps this explains why 45% of owners of second dwellings in the survey sold their houses after six years.
This could indicate that a vacation closer to home, may have more use. Also may mean that your extended family can afford to use more often (either with or without you) if you can reach by car.
Most baby boomers that are reducing or seeking a second home not seek urban areas. The demand for second homes is strongest in California, Florida and New England as well as desert, mountains and coastal regions throughout the country.
The demand for mortgages on second homes account for only 6% of the mortgage market. Without But the report also noted that many second homes are inherited by baby boomers or purchased with cash.
Reasons for choice buying a second home seems to be very varied. The idea of having a vacation home that eventually will become a permanent retirement home seems to exist only in our fantasies! However, the survey tells us that are still unfolding, 12% of all baby boomers have second homes eventually sell your first home and retreat to the second house.
About the Author:
Carolyn Capalbo is an expert military relocation specialist and real estate agent serving Prince William County VA real estate. Visit Just4Real.com to find updated market information about areas in Prince William, including Loudoun County real estate.
Article Source: ArticlesBase.com – Exposed: the Truth About Baby Boomers’ Second Homes
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