50% of Baby Boomers Planning a Home Purchase in the Future

A majority of Americans are optimistic about the state of the economy, though some age groups are more willing to buy a home in the near future compared to others, suggests a recent survey from PulteGroup, Inc. (NYSE:PHM).

A majority of Americans are optimistic about the state of economy and this sentiment is largely contributing to their willingness to buy a home in the near future, suggests a recent survey from PulteGroup, Inc. (NYSE:PHM).

Polling 1,000 adults ages 25-65, PulteGroup’s Home Index Survey found that 74% of adults feel the economy has remained steady or improved in the last year.

This optimism has in turn impacted overall purchasing behavior with 67% of respondents planning to purchase a home in the future, of which 32% are looking to buy within the next two years.

When breaking down the survey data across age groups, 50% of adults aged 55 and older say they are looking to purchase a home in the future, compared to 85% of Millennials and 71% of move-up buyers who feel the same.

PulteGroup, which builds homes under the Centex, Pulte Homes and Del Webb brands, has noticed this increasing optimism translating into higher traffic throughout its communities, with buyers willing to write contracts.

“For the first time in years, Americans have a growing sense of optimism that the housing market is improving, and that these positive changes may be sustainable,” stated Margaret Gramann, senior vice president of sales for PulteGroup. “This favorable outlook is giving them the confidence to pursue more meaningful, big-picture life opportunities they may have otherwise put on hold.”

When it comes to reasons motivating home purchase behavior, 56% of adults say they plan to spend more on their next home to increase size and space, while 51% look to upgrade finishes.

“Whether it’s a first-time or move-up buyer, or an active adult, purchasing a home is a major life decision and Americans are recognizing the importance of maximizing what they view as a long-term investment,” stated Gramann. “They’re aiming to create value in a home that meets their specific wants and needs from day one, and if that means spending more money, they’re willing to do so because of the confidence in the market.”

Written by Jason Oliva

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