How boomers are shaping the Lakes Region real estate market

Over the years, I’ve had an interest in following the baby boomer generation because they have been referred to as, “The single greatest demographic event in U.S history.” The Boomers represent 76 million Americans born between 1945 and 1964.

Unlike younger generations like gen X’ers, the millennials, or gen Z’ers, boomers have largely been able to walk a straightforward path toward prosperity and security. They were born in an era of good economic growth and stability. Back in those days, college was affordable, the job market was expanding, and real estate prices were much more affordable. Yes, the Vietnam era and other periods were difficult, but we managed to plow forward.

Baby boomers & real estate in the Lakes Region

For many years in real estate, I have watched the Boomers expand their home-buying needs from primary homes south of the Lakes Region to second home purchases in the Lakes Region. I’ve watched them cluster in scenic places where they have often vacationed.

They want to return to happy places where they experienced fond memories as children, like birds migrating to places of familiar origin, and they want their kids and grandchildren to share the same experience.

As a result, I’ve witnessed over the last 50 years the Lakes Region’s expansion in housing, especially vacation homes, condominiums, and semi-retirement homes, with this migration trend.

Many parts of New England have been affected. Pre-retirement areas such as the Lakes Region, Maine, New Hampshire coastal towns, Cape Cod, and regions of Vermont are like magnets, attracting boomers who seek a quieter, relaxed lifestyle with recreation, cultural opportunities and quality of life.

Millennials, gen X & other generations in real estate

What’s interesting is that the Millennial generation (ages 26-44, born between 1980-98) stepped in and gained the top spot as the number of homebuyers for a number of years. However, the trend has changed again with a significant shift.

This past year, boomers have become the largest demographic of homebuyers in the USA. They have accounted for 42% of the sales activity according to the National Association of Realtors.

This has been driven by factors such as their increased home equity, a desire for lifestyle changes, to be with family, or downsizing of their home. The boomers, who are now aged 61-80, are also the most active sellers, making up 55% of those listing properties. Nearly half of boomers are purchasing homes with cash because of their substantial home equity and stock investments.

The higher median home prices and higher interest rates today make it difficult for younger buyers. Millennials (age 26-44) now represent 29% of current homebuyers. Gen X’ers (ages 45-59) represent 24% of buyers, the third largest demographic. The fourth largest group is the silent generation, made up of people 80 years and up, at only 4%, while the fifth largest group is Gen Z’ers (ages 14-29), at 3-4%. It’s interesting to note that single women make up approximately 35% of Gen Z buyers, a much higher rate than single men.

Baby boomer wealth & the great transfer

What’s amazing, boomers own 37% of the homes in the USA while making up a little more than 18% of the population, and they also have the keys to 57% of the vacation homes in the U.S. and 58% of investment income-generating rental properties per the National Association of Realtors.

The boomers and the silent generation hold 63% of the nation’s wealth. Visa Business and Economic Insights estimates that baby boomers hold some $93 trillion in assets. Visa calculates that after accounting for retirement spending, taxes, and liabilities such as mortgages, roughly $36 trillion of boomers' assets are expected to remain available for inheritance. It’s hard to believe that this amount almost equals the United States' debt.

The largest intergenerational transfer of wealth in U.S. history is expected to shift trillions of dollars to gen X and millennial heirs over the next two decades, but more of the money will go to families that are already among the nation’s wealthiest, according to a new analysis by The Washington Post.

It is likely that wealthier Americans will be putting that money into the stock market and real estate, and it will certainly benefit the second home market here in the Lakes Region as well as other vacation resort destinations throughout the country.

What are some of the reasons boomers are attracted to the Lakes Region?

Semi-retirees look for states that are more tax-friendly to retirees.

New Hampshire has one of the lowest tax burdens in the nation, with no state income tax, sales tax, capital gains tax, or interest & dividends tax.

These same individuals look for states that are safe to live and retire in.

New Hampshire has the lowest crime rate in the country, according to FBI statistics.

Many boomers will continue working into their early retirement years, at least on a part-time basis. New Hampshire’s unemployment rate is one of the lowest in the country and presents a favorable environment for semi-retirees.

Boomers are seeking areas of natural beauty and recreation opportunities, which the Lakes Region offers, New Hampshire was named the “most livable state in the nation” and “best quality of life.”

New Hampshire was named the best state to retire to in 2025 by Bankrate, a financial services company. This ranking indicates a significant shift as traditional retirement destinations like Florida, Arizona, and Nevada scored poorly in the 2025 analysis. Also, New Hampshire was ranked the No. 1 best state to move to overall in 2026, reported by Consumer Affairs.

Boomers look for communities with excellent healthcare facilities. WalletHub ranked New Hampshire No. 1 in the country for overall healthcare, quality, and affordability.

You can expect to see the migration of boomers to the Lakes Region to continue. There are approximately 64 to 67 million baby boomers currently living in the United States. The Lakes Region, which is within a seven-hour drive of over 56 million people, and we are seeing more people migrating to our region from some of our western states. Not just the northeastern states.

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This article was written by Frank Roche. Frank is president of Roche Realty Group located in Meredith, and can be reached at 603-279-7046. Visit rocherealty.com to learn more about the Lakes Region and its real estate market.