This reflects how the boomer generation has increasingly dominated homeownership as theyve aged.
In other words, roughly four out of ten Nevada homeowners are boomers.
Demographic Shifts Driving Homeownership
Part of the reason is demographics.
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Nevadas population of older adults has grown quickly.
By 2019, roughly one-third of Nevadas residents were age 55 or older.
This surge is due both to the aging of long-time residents and an influx of retirees from other states.
Boomers also made up about 53% of home sellers in that period.
Many boomer sellers in Nevada had owned their homes for over a decade before selling.
Personal Motivations Beyond Finances
Not all boomer buying and selling is simply driven by profit.
Only about 20% said they were even considering moving to a 55+ retirement community.
Financial Reasons to Stay Put
Why are so many choosing to stay put?
Financial reasons are a big part of it.
Theres often little incentive for boomers to sell and downsize in the late 2010s/early 2020s.
In fact, over half of boomer homeowners nationally have no mortgage at all (54%).
Lifestyle and Emotional Attachment
Lifestyle and emotional factors matter, too.
Many boomers simply love their current home and see no reason to move.
Their community ties are there neighbors, friends, familiar doctors, favorite stores.
Uprooting in ones 60s or 70s can be daunting.
Impact on Housing Inventory
For Nevadas housing market, this staying put trend has had consequences.
With so many boomers not moving, fewer homes are being listed for sale.
That has contributed to the tight inventory of homes on the market, especially in desirable areas.
Migration Patterns: Coming and Going
Migration is a key part of Nevadas boomer homeownership story.
Nevada has long been a magnet for retirees and older movers, and 20182023 was no exception.
Many of those newcomers were older adults seeking a more affordable or tax-friendly place to retire.
Statistics bear out Nevadas retiree draw.
In 2022, Nevada was among the top states for retiree in-migration.
Around 7075% of seniors who migrate to Nevada settle in the Las Vegas region (Clark County).
This makes sense Las Vegas offers world-class entertainment, healthcare facilities, and plenty of 55+ communities and activities.
During 20182023, Henderson in particular emerged as a retirement hotspot.
Nevadas northern region (Reno/Sparks area) has also seen boomer migration, though on a smaller scale.
In 20082012, home prices in Nevada plummeted and foreclosures skyrocketed.
This crisis affected many baby boomers who owned property at the time.
Some lost their homes to foreclosure or short sales when values fell below their mortgage balances.
Others became underwater on their mortgages and felt stuck.
Home values recovered and surpassed their pre-crash peaks.
Moreover, economic growth returned, and Nevada once again became the nations fastest-growing state by 2018.
Many boomers who had delayed retirement moves during the shaky years jumped back in after 2015 or so.
Inventory and Demographic Changes
Another key difference is inventory and new construction.
Fast forward to 20182023, and the script flipped: Nevada faced ashortageof homes for sale relative to demand.
This tighter market made it harder for boomers to find suitable smaller homes even if they wanted to downsize.
Demographically, the boomer generation was younger in 20082017 (many were in their 50s and still working).
By 20182023, they were older (60s and retired or nearing retirement).
This naturally changes behavior.
By 2018, most boomers were empty nesters and more free to choose where to live.
Key Motivations for Nevadas Boomers
What drives Nevadas baby boomers in their housing decisions?
It comes down to a blend of financial and lifestyle considerations.
Lifestyle Choices
Lifestyle factors are equally important.
Many baby boomers have deep roots in their communities.
Proximity to family is a top motivation.
Some boomers movetoNevada to be near family.
Conversely, some moveawayfor family if their children and grandchildren are back in another state.
Las Vegas and Reno both have expanding medical facilities specifically because of the growing senior population.
Urban, Suburban, or Rural?
Their choices are driven by practical finances and the simple desire to enjoy life in a comfortable home.
