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However, while perhaps we are no longer the “long-haired idealists” that worried our parents in the 60s and early 70s, we are still a driving force in the nation’s economy and most certainly in the mortgage industry. Loan officers who forget about us in their pursuit of our Millennial children are missing an enormous opportunity.
Here are 3 things you need to know about the Baby Boomer generation and one giant thing we should know but don’t!
1. We still use mortgages!
We are not the mortgage-burning generation like the ones before us. The percentage of Baby Boomers whose homes are secured by debt has steadily increased from 18.5% in 1992 to 30% in 2002 to 42% in 2013.
Baby Boomers split on whether to move to a new place or remain in their current home.
2. Should I stay or should I go?
This generation seems split on whether to move to a new place or remain in their current home.
One report shows that 61% of us would like to age in place. However, 65% would need to make renovations to achieve that goal. Thankfully, we have the resources to do just that. Baby Boomers own 66% of the nation’s equity or nearly $8 trillion.
On the other hand, according to Freddie Mac’s June survey, nearly 40% admit they would like to move at least one more time. The National Association of Realtors 2017 Generational Report demonstrates once again the Baby Boomers accounted for 30% of originations last year.
3. Helping hand
Nearly a quarter of Baby Boomers claim they have helped someone financially purchase their home. Of course, that begs the question: How many more would have been willing to do that had they known it was an option?
3 things loan officers should know about baby boomers
