What Percentage of Baby Boomers Work in Trade Jobs
Homeownership has long been considered office of the American dream. But outset-time home buyers, peculiarly millennials and Gen Xers, are facing an uphill battle when information technology comes to house hunting. This is in function because of a growing trend in which baby boomers, the generation that owns the largest share of American homes, are planning to stay put. In fact, a 2018 survey conducted by AARP found that 76 pct of Americans over the age of 50 would prefer to remain in their current habitation—rather than move in with family unit, to a nursing home, or to an assisted living facility—which is leading to less inventory for new buyers.
According to the U.S. Census Agency, the share of homeowners over the historic period of 55 has been steadily increasing. In 2008, at the onset of the Great Recession, Americans over the historic period of 55 owned 44.3 percent of homes. Past 2019, that percentage had increased to 53.eight percent. While the share of homeowners under the historic period of 35 remained adequately steady within the same fourth dimension bridge, the share of homeowners betwixt the ages of 35 and 54 decreased from 42.three percent to 34.i percent.
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While infant boomers—defined here as Americans between the ages of 55 and 74—comprise only over 22 percent of the U.South. population, they account for nearly 42 percent of homeowners nationwide. Notably, baby boomers dominate the housing market place in many coastal states, such every bit Maine (45.3 percentage), Delaware (45.ii percent), New Hampshire (44.nine percent), Florida (44.6 per centum), and Rhode Island (44.three percent). Past contrast, Midwestern states are more probable to have fewer baby boomer homeowners, including Minnesota (39.five percent), Iowa (39.4 per centum), Nebraska (38.7 percent), and North Dakota (38.5 percent). Across all states, babe boomers in Utah business relationship for the lowest share of homeowners at just 34.0 pct.
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To find which cities accept the highest share of infant boomer homeowners, researchers at Construction Coverage, a review website for construction project management software and builders insurance, analyzed homeownership and demographic data from the U.S. Census Bureau. Researchers besides referenced the Zillow Home Value Index to observe each city's median home price, compared to the national median of $256,663. They ranked the cities by the share of owner-occupied housing units owned by baby boomers.
To improve relevance, the cities were also categorized into 3 groups by population: small (100,000–149,999), midsize (150,000–349,999), and big (350,000 or more than). Here are the cities with the nearly baby boomer-owned homes.
Big Cities With the Most Baby Boomer-Owned Homes
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15. Los Angeles, CA
- Percentage of homeowners that are baby boomers: forty.nine%
- Baby boomer population share: 18.3%
- Number of baby boomer-owned households: 208,864
- Number of baby boomer-rented households: 193,372
- Median habitation toll: $764,528
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fourteen. Colorado Springs, CO
- Percentage of homeowners that are infant boomers: 41.0%
- Babe boomer population share: xx.7%
- Number of baby boomer-owned households: 46,410
- Number of baby boomer-rented households: 12,742
- Median home price: $339,146
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thirteen. Detroit, MI
- Percentage of homeowners that are infant boomers: 41.0%
- Baby boomer population share: 20.5%
- Number of baby boomer-owned households: 52,390
- Number of babe boomer-rented households: 38,456
- Median home price: $38,721
Photograph Credit: Alamy Stock Photograph
12. Arlington, TX
- Percentage of homeowners that are baby boomers: 41.one%
- Baby boomer population share: 18.v%
- Number of baby boomer-owned households: 30,836
- Number of babe boomer-rented households: 10,571
- Median dwelling toll: $225,334
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eleven. Tulsa, OK
- Percent of homeowners that are infant boomers: 41.9%
- Infant boomer population share: 20.8%
- Number of baby boomer-owned households: 35,320
- Number of baby boomer-rented households: 17,372
- Median home cost: $135,661
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ten. Tucson, AZ
- Percentage of homeowners that are baby boomers: 41.ix%
- Babe boomer population share: 19.9%
- Number of baby boomer-owned households: 45,064
- Number of baby boomer-rented households: 24,284
- Median home cost: $224,852
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9. San Diego, CA
- Percentage of homeowners that are babe boomers: 42.0%
- Babe boomer population share: 18.8%
- Number of baby boomer-endemic households: 100,112
- Number of babe boomer-rented households: 49,943
- Median home price: $695,184
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eight. Louisville, KY
- Percentage of homeowners that are baby boomers: 42.2%
- Infant boomer population share: 23.1%
- Number of baby boomer-owned households: 63,569
- Number of babe boomer-rented households: 25,160
- Median abode price: $186,692
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7. Anaheim, CA
- Percentage of homeowners that are babe boomers: 42.3%
- Babe boomer population share: xviii.six%
- Number of baby boomer-owned households: 20,537
- Number of baby boomer-rented households: 11,203
- Median habitation cost: $655,039
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6. New York, NY
- Percentage of homeowners that are baby boomers: 43.five%
- Baby boomer population share: 20.6%
- Number of baby boomer-owned households: 445,328
- Number of baby boomer-rented households: 585,556
- Median home price: $654,683
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five. Jacksonville, FL
- Percentage of homeowners that are infant boomers: 43.vi%
- Baby boomer population share: 21.4%
- Number of baby boomer-owned households: 86,212
- Number of baby boomer-rented households: 27,981
- Median home price: $202,568
Photo Credit: Alamy Stock Photo
iv. Long Beach, CA
- Percent of homeowners that are baby boomers: 44.two%
- Baby boomer population share: nineteen.seven%
- Number of baby boomer-endemic households: 28,711
- Number of baby boomer-rented households: 21,523
- Median dwelling house price: $635,289
Photograph Credit: Alamy Stock Photo
3. Cleveland, OH
- Percentage of homeowners that are baby boomers: 45.3%
- Baby boomer population share: 22.1%
- Number of babe boomer-owned households: 31,148
- Number of babe boomer-rented households: 28,542
- Median home price: $74,946
Photo Credit: Alamy Stock Photograph
two. New Orleans, LA
- Percentage of homeowners that are baby boomers: 45.6%
- Baby boomer population share: 22.9%
- Number of baby boomer-owned households: 34,324
- Number of babe boomer-rented households: 21,404
- Median home cost: $234,036
Photograph Credit: Alamy Stock Photo
ane. Memphis, TN
- Percentage of homeowners that are infant boomers: 46.4%
- Infant boomer population share: 20.vii%
- Number of baby boomer-owned households: 54,770
- Number of infant boomer-rented households: 29,677
- Median home price: $103,289
Methodology & Detailed Findings
The homeownership and population data used in this analysis is from the U.S. Census Bureau 2019 American Community Survey i-Year Estimates. Habitation prices are from the Zillow Abode Value Index.
For the purpose of this assay, baby boomers are divers as individuals betwixt the ages of 55 and 74 in 2019. The percentage of homeowners that are baby boomers is the number of owner-occupied housing units headed by a babe boomer divided by the total number of owner-occupied housing units. The infant boomer population share is the full number of infant boomers divided by the full population.
To improve relevance only cities with at least 100,000 residents were included. Additionally, cities were grouped into cohorts based on population: small (100,000–149,999), midsize (150,000–349,999), and large (350,000 or more).
With mortgage rates at historic lows and housing starts again on the ascension subsequently a decline at the onset of COVID-19, housing may go more accessible for younger buyers. In addition, every bit baby boomers age and somewhen downsize—often moving into communities congenital specifically for retirees—the share of housing units endemic by each generation will shift in the coming years.
Each company featured in our guides has been independently selected and reviewed by our research squad. If you select 1 of these companies and click on a link, we may earn a commission.
Source: https://constructioncoverage.com/research/baby-boomer-dominant-housing-markets-2020
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