Who Are the Oldest Homebuyers?

Construction Coverage just released the 2024 edition of its American Cities With the Oldest Homebuyers report, looking at the real estate markets where buyers age 55 and older are most active.

The aging of the Baby Boomer generation (those born between 1946 and 1964) has significantly increased the share of the U.S. population aged 55+ during the past decade: from 24.9% in 2010, to 30.2% in 2023. And a growing number of these Americans are opting to age in place or downsize—creating even more competition for younger buyers in an already challenging post-pandemic real estate market.

While buyers over 55 account for 21.2% of all homebuyers nationally, the numbers vary widely by location. Using conventional residential mortgages originated in 2023, researchers calculated the percentage of homebuyers that are age 55 and older in nearly 400 U.S. metros and all 50 states, then ranked locations accordingly.

Key Takeaways

• Financial advantages for older homebuyers: Despite representing less than one-third of the total population, Americans age 55 and older now hold over 60% of household real estate wealth. With greater accumulated savings and home equity than younger buyers, they’re often better equipped to make substantial down payments, secure favorable financing, or pay with cash.
• Delaware tops the list for 55+ homebuyers: In Delaware, nearly 38% of homebuyers are 55 or older—the highest rate in the country. Other popular states for older homebuyers include Florida (32.1%), South Carolina (31.3%), Arizona (31.2%), and Nevada (28.8%), all of which are popular among retirees due to their warmer climates, lower costs, and recreational opportunities.
• Colder climates prove less popular: With some exceptions (such as Maine, Wyoming, and Montana), the Midwest and Northeast have some of the lowest rates of older homebuyers. These regions are typically less popular for retirement or second homes compared to warmer, sunnier areas. North Dakota, Utah, Minnesota, and New York see relatively low shares of homebuyers aged 55 and over, each with 16% or less.
• Sun Belt cities appeal to older buyers: Metropolitan areas in Florida, Arizona, South Carolina, and Nevada attract large numbers of older buyers, while major job hubs like San Jose, CA and Austin, TX report far more young people buying homes.