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75 October 2024 J O U R N A L and 1964, this generation has shaped the nation's economy and culture. Now, as they age, their decision to hold onto their homes is impacting housing availability. A survey from Clever Real Estate shows that 61% of boomers currently own homes, and 54% of those homeowners intend to stay in their homes for life. With only 15% of boomers planning to sell in the next five years, the already tight housing market will likely see little relief. For many boomers, remaining in their homes is tied to financial stability. A signif- icant 76% of them credit homeownership as the main reason for their financial security. With mortgages paid off, 40% of boomers cite lower housing costs as a key reason to stay put. Additionally, 37% want to leave their homes as part of their legacy, passing them down to their children. Financial Security Keeps Boomers in Place But it's not just about money. Emo- tional factors also play a significant role. About 22% of boomers say they feel a deep attachment to their homes, while 19% point to strong ties to their commu- nities as a reason to stay. Still, not all boomers have the luxury of choice. 25% say they can't afford to buy another home in today's market, while 16% can't cover the expenses of moving into retirement or assisted living communities. While many boomers plan to remain in their homes, they're not without concerns. 90% of them worry about the costs of maintaining their property as they age. The most common worries in- clude home maintenance (59%) and the physical effort required to keep up the property (55%). Concerns about rising property taxes (49%) and utility costs (42%) also weigh heavily. Surprisingly, only 8% are worried about a housing market crash or public safety, despite these issues frequently making headlines. Boomers Weighing the Cost of Staying vs. Selling For those who do plan to sell, many expect substantial profits. Nearly 65% believe they'll clear over $100,000 from their home's sale, with 40% anticipating gains of $200,000 or more. These signifi- cant profits, often tax-free, will help fund their retirement. Boomers who bought homes decades ago are in an especially favorable position. 50% of them purchased their first homes for $75,000 or less, and 64% paid under $100,000. Today's median home price exceeds $400,000, highlighting the vast fi- nancial benefit many will see from selling. As boomers age, their decision to hold on to homes will continue to shape the housing market, limiting options for younger generations looking to buy. For now, the boomer generation's influence on housing isn't fading anytime soon. HOMEBUYERS SEEKING CONNECTION TO COMMUNITY F or a variety of reasons, communi- ty connections have felt unat- tainable in recent years, and the need for it has become more pressing. According to a 2023 study on America's "loneliness epidemic" by the U.S. Sur- geon General, around one in two adults in the country suffer from loneliness as a result of social separation. The thrill of becoming a homeowner and the sense of community that comes with it continue to motivate buyers even in the wake of the pandemic. In a new report, CENTURY 21 shared the findings of their recent research on the mindset of today's homebuyers and what influences their purchase decisions, including the ways they seek and prioritize community and connection in the process, as part of our commitment to helping homebuyers discover the joy of homeownership. A commissioned study by eminent international market research firm Ipsos, which examined the true desires, emo- tions, and influence of community and connection on today's homebuyers, has been released by Century 21 Real Estate LLC. The study "Connection, Community & Joy: How Recent/Intending Homebuyers are Putting Community at the Center of the Homebuying Process" found that, despite re- cent uncertainty in the real estate market, recent homebuyers are primarily feeling positive, with 56% reporting excitement, some 47% joy, 44% hope, and 34% pride in the process of finding new homes. It also found that building and establishing com- munity is a key factor in homebuying. Additionally, they are effectively find- ing fulfillment in their communities; after moving, some 65% of recent homeowners said they felt more connected to them. Since 88% of all recent and prospec- tive homebuyers agree that they would