North Carolina has steadily climbed the list of top destinations for baby boomers looking to buy primary homes.
Nationally, their share of home purchases rose sharply.
By 2023, boomers even overtook millennials as the largest group of home buyers.
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Financial Advantages
One reason boomers played a big role is financial advantage.
This gives them an edge in competitive markets.
In fact, about half of older boomers bought homes entirely with cash.
Homeownership Patterns
Its also worth noting that many boomers are long-time homeowners.
In North Carolina, this generational ownership shift was evident as well.
This trend of aging owners meant fewer young sellers and more older buyers swapping homes.
Some boomers decided to age in place and not move at all, which kept housing inventory tight.
North Carolina is seen as an attractive retirement destination for its mild climate and quality of life.
Instead of staying in colder Northern states or extremely hot areas, retirees often find NCs weather just right.
Retiring boomers have been moving to places where they can relax and enjoy outdoor activities.
North Carolina offers beaches, mountains, and golf courses, which appeal to those seeking an active retirement.
Home prices in NCs towns and cities are generally lower than big Northeast metro areas.
Boomers on fixed incomes or pensions choose North Carolina because they can get more home for their money.
Lifestyle and Health Considerations
Beyond budgets, many boomers pick North Carolina for its lifestyle benefits.
The state offers a blend of urban amenities and natural beauty.
Some prefer quaint small towns or scenic rural areas, away from big-city hustle.
Others like medium-sized cities with good hospitals and universities (for lifelong learning and healthcare access).
The slower pace of life in many NC communities is appealing after decades of working.
Safety and community are also factors boomers often seek friendly, low-crime areas to settle.
Additionally, North Carolina has numerous 55+ active adult communities and retirement developments.
About 1 in 5 boomers say they are considering moving into a 55-plus community or have already done so.
Such lifestyle-focused options have drawn boomers to buy homes in the state.
Some retirees choose their next home based on where their adult children have settled.
By living nearby, grandparents can spend more time with family and get support as they age.
It also brought new retiree buyers from out of state, coming to join family who had relocated here.
Housing Preferences
When buying homes, some boomers look todownsizeinto a smaller, easier-to-maintain house.
After children move out, they may not need a large 4-bedroom house.
However, not all are downsizing some are even upsizing or buying similar-sized homes.
This means they sometimes compete with younger families for three-bedroom houses in desirable areas.
Some lost or left jobs due to the pandemic and decided to retire rather than return to work.
Others reassessed their priorities during lockdowns and chose to fast-track their retirement plans.
This wave of retirements meant more people in their 60s were free to move where they wanted.
Many chose to go ahead and relocate to their dream retirement spot.
For a lot of them, that spot was in North Carolina.
Remote Work Flexibility
Although most baby boomers were near retirement, some were still working in 2020.
The pandemics shift to remote work allowed a subset of boomer professionals to move earlier.
This was not a huge group, but it did contribute to migration.
Desire for Space and Safety
COVID-19 made people valuespace.
North Carolinas mix of suburban and rural areas provided an attractive escape.
Market Dynamics During COVID
The pandemic years brought unusual housing market conditions.
Initially, in spring 2020, home sales slowed due to lockdowns.
But soon after, the real estate market heated up dramatically.
Home prices climbed quickly in 2020 and 2021.
This enabled them to confidently buy in North Carolina, even as NC prices were rising too.
Many felt it was a good time to make the move.
Additionally, interest rates hit historic lows in 20202021.
Boomers who took mortgages benefited from very low borrowing costs on their new NC homes.
However, by 2022, interest rates rose sharply to combat inflation.
This pricing-out effect hit younger buyers harder than older ones.
Where in North Carolina Are Boomers Buying?
Baby boomer home-buying trends in North Carolina vary by region urban vs. rural, coastal vs. inland.
Boomers are drawn to its beaches, mild winters, and newer housing developments.
Towns like Southport, Oak Island, and the Myrtle Beach-adjacent areas offer a relaxed seaside lifestyle.
These areas often have active adult communities, golf courses, marinas, and other amenities retirees seek.
The Asheville area, for instance, has long been a retirement favorite.
It offers mountain beauty, arts and culture, and a pleasant climate (cooler summers).
These locales provide hiking, scenic views, and in many cases lower living costs.
Both metro areas have numerous 55+ communities in the suburbs.
Theoldestboomers turned 62 in 2008 (early in the first period) and 73 in 2019.
Fewer were ready to relocate for retirement in those years.
By 2030, all baby boomers will be at least 65.
The latter half of the 2010s and early 2020s was the front end of that wave.
In short, 20182023 had many more people in the boomer generation actively making retirement moves than 20082017 did.
Housing Market Cycles
The earlier period (20082017) began with the Great Recession and housing crash.
In 20082011, home prices fell or stagnated, and the real estate market was in a slump.
Many boomers who might have wanted to downsize or relocate held off because their home values had dropped.
They didnt want to sell at a loss.
As a result, boomer moves were limited right after 2008.
Additionally, economic uncertainty made retirement less secure for some nest eggs shrank and people worked longer.
By the mid-2010s, the economy recovered, and housing picked up.
However, even then, millennials (born in the 1980s90s) were the bigger force in the market.
Many boomers werestaying putor downsizing locally during that time, rather than making huge relocation moves.
In 20182023, the scenario flipped.
The housing market was generally strong (aside from the brief early COVID slowdown).
Instead of a housing slump, there was a boom and boomers took advantage of it.
Generational Market Position
In 20082017, boomers were slightly overshadowed by other groups in home buying.
Many were already homeowners earlier in life, so during that time they werent as large a share ofbuyers.
Younger generations were coming into homeownership in force.
By contrast, in 20182023, boomers reasserted themselves as a dominant buying group.
And NARs latest data show boomers around 42% of buyers by 2023.
Housing Needs Evolution
The needs of boomers evolved as well.
In 2008, the youngest boomers were in their mid-40s and the oldest just past 60.
Many still had children at home or were in peak career years.
By 2018, even the youngest boomers were near retirement (mid-50s) and oldest were well into 70s.
Their purchases were more about retirement lifestyle or downsizing.
We saw more interest in single-story homes, condos, or senior-focused developments in 20182023 versus 20082017.
The rise of senior living communities and amenities is much more prominent now than a decade ago.
Also, the technology in home buying changed.
This made long-distance moves easier for boomers in 20182023.
