Boomers Are Snatching Up Urban Properties Twice as Fast as Millennials

Washington, DC, October 21, 2015—Baby boomers are renting apartments and buying condominiums at twice the rate of millennials, according to the Washington Post.

The article titled “Millennials’ Top Competition for Condos Might Be Their Parents” reports that roughly 10,000 baby boomers are retiring each day, and half of these plan to downsize—many hoping to move into urban environments.

This trend has shaped both what is available in the market and the cost of available properties. Baby boomers are often seeking high-end properties reminiscent of their previous homes with multiple bedrooms and large kitchens—and they are willing to pay a premium for these.

A study by Harvard’s Joint Center for Housing Studies found that buyers aged 55 and older made up for 42% of the growth in renters over the last decade, and, between 2011 and 2014, the wealthiest of American households accounted for about 1/3 of new renters.