A survey of attitudes toward housing
released on Thursday by The Demand Institute indicates that the Baby Boom
generation still has no intention of aging gracefully. In fact, when it comes to housing it appears few
intend to yield at all to their advancing years.
The Institute, a nonprofit run by the Conference
Board and the Nielson ratings people, surveyed 4,000 households last year in
which residents qualified as members of that huge post-war generation born
between 1944 and 1963 about their future housing plans.
The survey found that as a group Baby
Boomers had a median net worth of $200,000 in 2007 and were on their way to
accumulate nearly $370,000 by 2013. Instead
the recession sent many off the rails and at the time of the survey that median
net worth was down to a median of $143,000. Although many Boomers have delayed or modified
their plans due to the recession they have, the Institute says, not abandoned
them entirely. Over the next five years
it is expected they will spend $1.9 trillion on new home purchases and $500
billion on rent.