4 Facts on Baby Boomers, Mortgages and Home Ownership

This is the fourth in a series of baby boomer facts:

• Retirement Planning
• Labor Market
• Social Security
• Mortgages and Home Ownership
• Medicare and Life Expectancy
• Parenting

The next few blog posts will give you a taste of what is happening.

Here are four facts as they relate to Baby Boomers,  Mortgages and Home Ownership :

1. Historically, home sellers are age 55 or over on average and home buyers are around 30 years old.  This trend may become disrupted until the economy improves.  It is uncertain how many baby boomers will sell their homes to downsize but they cannot move until the market picks up.
2. The median home loan balance owed by the older baby boomers is $85,000 which is more than their house might be worth depending on the local housing market.
3. In 2009, 30% of the younger baby boomers and 15% of older boomers were behind on their mortgage payments.
4. From 1989 to 2010, the percentage of Americans ages 55 to 64 who still had a mortgage rose from 49 to 63%.

Have you paid your mortgage off?  Will you have your mortgage paid off by the time you retire?

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Marc Miller Career Design Specialist