Baby boomers are the generation born between 1946 and 1964. They are the largest generation in American history and they have been heavily entering retirement over the last decade. By end of 2020, almost 30 million Boomers had retired nationwide, an increase of 213% from the previous year according to the PEW Research Center. This is having a significant impact on the real estate market in Montana not to mention the rest of the nation.
Baby boomers are increasingly looking to downsize and move to smaller, more affordable homes. They are also more likely to move to warmer climates, such as Montana. This is driving up demand for homes in Montana, and prices are rising as a result.
In addition to buying homes, baby boomers are also investing in real estate in Montana. They are buying land, ranches, and other properties as a way to diversify their portfolios and secure their retirement. This is also driving up prices in the Montana real estate market. This increasing demand for housing is contributing to the strain on the Montana housing market. This is making it more difficult for young people and families to find affordable housing. It is also leading to gentrification in some areas.
Overall, the impact of baby boomers on the Montana real estate market is mixed. While they are bringing new investment and economic growth to the state, they are also making it more difficult for some people to find affordable housing.