This statistic from NAR shows the impact of the baby boomers in every market today, including the real estate market. Statistics from a NAR report this month show that the typical repeat buyer was 53 years old and earned $96,600. Repeat buyers purchased a median 2,100 square foot home costing $219,500. First-time buyers were typcially 31 years of age and the median income was $62,400. They purchased a 1,570 square foot home costing $155,000. Their estimated median monthly mortgage principal and interest payment was $794. Even with this housing crisis, a far better option than renting, wouldn't you say? Even if properties remain stable in their value rather than increase, part of the payment will be applied to the principle each month building up equity that way, instead of the rent payment not counting toward anything each month.
If you enjoy statistics, check out many more from this NAR (National Association of Realtors) report. It makes interesting conversation over dinner or as you mingle at a cocktail party. Most everyone still enjoys talking about real estate.