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January 14, 2015

Baby Boomers & Their Mortgage Debt

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Baby Boomers & Mortgage Debt

Did You Know? Baby Boomers are carrying much more mortgage debt than earlier generations at this stage in life. The amount Boomers (age 50-69) have left on their mortgage has grown 142% since 1992. Their median outstanding mortgage balance is $118,000 (2013).

Baby Boomers will account for nearly $1 of every $4 spent on home purchases and rent in the next five years: They will spend $1.9 trillion on new home purchases and $500 billion on rent.

While most Baby Boomers will stay where they are, more than a third (37%) have plans to move. And when they do move, some 56% will need a mortgage. The majority — 77% — are confident they will qualify for the financing they need.

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