Florida has 2nd most 55-and-over homebuyers in U.S.
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, with data specific to Florida.
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, With Data for Florida
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.
Sun Belt locations appeal to older buyers: Sun Belt states and metros tend to attract larger numbers of older buyers, while major job hubs like San Jose, CA and Austin, TX report far more young people buying homes.
Colder climates prove less popular: With some exceptions, 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.
Older homebuyers in the Florida real estate market: Homebuyers age 55 and older accounted for 32.1% of conventional residential mortgages originated last year in Florida—the 2nd largest share in the nation. 12.5% of buyers were 65 and older, while 2.7% were 75 and older.
You can read the full study here, including all sources: https://constructioncoverage.com/research/cities-with-the-oldest-homebuyers
