Baby boomers those born roughly 1946 to 1964 make up a significant portion of Ohios population and homeowners.
As of 2021, Ohios median age was about 40 (slightly above the national median of 39).
Over the past two decades, the share of older adults in Ohio steadily grew.
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Many of these individuals are baby boomers now entering their retirement years.
This aging demographic translates into a larger footprint in the housing market.
This trend of rising older-homeowner dominance is evident in Ohio as well, given its relatively older population.
One important aspect of Ohios boomer demographics is household composition.
Many boomers are empty nesters or living alone as they age.
By 2023, older generations occupied a historically high share of homes.
This is a notable change from the late 2000s and early 2010s.
During that earlier period, many baby boomers were in their peak working years or just entering retirement.
Unlike some expectations of an exodus to rentals or senior living, most boomers stayed homeowners through the 2010s.
This put them in a powerful position in the market, especially compared to younger buyers still building wealth.
For much of the 2010s, Millennials had been the largest group of home buyers as they entered adulthood.
However, by the early 2020s, the tide shifted.
(Just one year prior, Millennials had been 38% of buyers).
Financial Advantages in the Housing Market
One reason is that boomers often have a financial edge.
In fact, a large portion of boomer buyers pay cash.
Younger buyers who required financing often struggled with strict lending requirements or were outbid by cash offers.
Lifestyle Changes Driving Purchases
Another factor is lifestyle and life stage changes.
Many boomers in 20182023 were recently retired or approaching retirement, prompting moves.
Some bought homes in warmer climates for winter months or moved to be near grandchildren.
Others purchased smaller houses or condos that better fit their empty-nest needs.
Regional Variations in Buying Patterns
Within Ohio, boomers buying trends varied by region.
Many Ohio boomers bought homeswithinthe state, often not far from their previous residence.
Ohio actually leads in in-state moves about 87% of Ohioans who moved in 2021 stayed within Ohio.
Beyond Primary Residences: Investment Properties
Not all boomer buying was for primary residences.
A portion of baby boomers also purchased rental investments or second homes during 20182023.
Boomers, with their resources, contributed to this wave.
Surveys consistently show that a majority of boomers want to stay in their own homes as they get older.
Only about 15% expected to sell within the next five years.
This sentiment is very evident in Ohio.
Many boomers simply remain in the houses where they raised their families, even as the kids move out.
The Downsizing Reality
Downsizing has been a common theme but not an across-the-board reality.
Location Preferences: Where Are Ohios Boomers Moving?
National surveys shed light on this pattern.
Urban Centers vs.
Suburban Living
Within Ohios big cities, the impact of this is evident.
But the net migration isnt one-way Ohio also gains some seniors movingintothe state.
Those areas can offer a lower cost of living and a relaxed lifestyle, which appeal to retirees.
Many compromise by choosing exurbs the far edges of metro areas that feel rural but are near a city.
As boomers retire, many want to live nearer to their adult children and grandchildren or aging parents.
We see this in Ohio when, for instance, grandparents move to the same city as their grandkids.
Retirement and Lifestyle Changes
Retirement is a classic trigger for moving.
When people stop working, they are freed from needing to live near their job.
But plenty of retirees simply changed houses within Ohio to better fit their new lifestyle.
Without a daily commute, a rural home or a lakefront property became feasible and attractive.
Retirement also often means downsizing for convenience.
Financial Considerations
Boomers are very attuned to cost-of-living considerations, especially those on fixed incomes.
Housing decisions often involve weighing property taxes, insurance, utilities, and upkeep costs.
Conversely, the financial security many boomers derive from homeownership is a reason theystay.
A survey found 76% of boomer homeowners credit homeownership for their financial stability.
This sense of security means they are cautious about making changes that could jeopardize it.
Thus, unless the financial trade-off is clearly beneficial, they may choose to remain where they are.
Health and Accessibility Needs
As boomers age, health considerations increasingly factor into housing.
Communities and developers in Ohio responded with more options like 55+ communities and senior-friendly apartments.
Yet, its also becoming a destination for older adults, including boomers.
This means Columbus is drawing in retirees or retaining boomers even as other areas lose them.
Boomers in Columbus have been active both as sellers and buyers.
Many longtime residents in suburbs decided to downsize, selling homes that were quickly bought by younger families.
A trend in Columbus is the development of empty nester communities (e.g.
Those who did sell often moved to nearby suburbs or warmer climates.
A challenge in Northeast Ohio is an older housing stock big, aging houses in need of repair.
Some boomers, unable to maintain these, sold them and moved to something easier, including renting apartments.
Between 2018 and 2023, boomers were at the center of home buying and selling trends in the state.
In both cases, their choices reverberate through the states real estate trends.
For other generations, understanding boomer behavior is key to navigating the housing landscape.
