How Baby Boomers Are Shaping North Carolina’s Housing Market

North Carolina has steadily climbed the list of top destinations for baby boomers looking to buy primary homes. Between retirement dreams, a lower cost of living, and a growing number of walkable, amenity-rich communities, more boomers in their 50s, 60s, and 70s are trading long-time family houses or high-cost city living for a new start in the Tar Heel State. The COVID-19 pandemic only accelerated the trend, nudging more people toward places offering space, affordability, and a better quality of life—all without giving up the comforts of modern living.

Baby Boomers’ Growing Role in Home Buying (2018–2023)

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In the late 2010s and early 2020s, baby boomers became a major force in the housing market. Nationally, their share of home purchases rose sharply. In 2022, nearly four out of ten U.S. home buyers were baby boomers, up from about three out of ten in 2021. By 2023, boomers even overtook millennials as the largest group of home buyers. Surveys from Zillow also show that around one-quarter to one-third of recent home buyers were baby boomers, indicating their strong presence. In short, buyers in their 60s and 70s became just as active – or even more so – than those in their 20s and 30s in the NC market during 2018–2023.

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Financial Advantages

One reason boomers played a big role is financial advantage. Many are repeat buyers who have owned homes for years and built up equity (the home value they own). They can use the money from selling a longtime home – or savings – to buy their next house, often making large down payments or all-cash offers. This gives them an edge in competitive markets.

During the red-hot housing market of 2020–2021, younger buyers often lost bidding wars to boomers who could pay more upfront. Even when mortgage interest rates rose in 2022, it didn’t slow boomers as much as others, because many older buyers didn’t need large loans. In fact, about half of older boomers bought homes entirely with cash. Their ability to buy comfortably, despite higher prices or rates, allowed boomers to remain active home buyers across North Carolina.

Homeownership Patterns

It’s also worth noting that many boomers are long-time homeowners. By 2023, Americans over 55 (which includes baby boomers and some older Generation X) owned 54% of all owner-occupied homes nationwide, up from 44% in 2008. In North Carolina, this generational ownership shift was evident as well.

A growing number of homes in the state were owned (and bought) by people near or in retirement age. This trend of “aging owners” meant fewer young sellers and more older buyers swapping homes. Some boomers decided to “age in place” and not move at all, which kept housing inventory tight. In a 2024 survey, 78% of baby boomer homeowners said they plan to stay in their current home as they grow older. This trend limits the number of houses for sale, but it also means that when boomers do enter the market, they tend to be well-positioned and serious about buying a home that fits their next stage of life.

Why Boomers Are Buying Homes in North Carolina

North Carolina aerial view — Shutterstock

Several key motivations drive baby boomers to buy homes in North Carolina. These include retirement plans, affordability, lifestyle preferences, and family considerations:

Retirement Destinations

Many boomers in 2018–2023 were retiring or preparing to retire. North Carolina is seen as an attractive retirement destination for its mild climate and quality of life. Instead of staying in colder Northern states or extremely hot areas, retirees often find NC’s weather “just right.”

Retiring boomers have been moving to places where they can relax and enjoy outdoor activities. North Carolina offers beaches, mountains, and golf courses, which appeal to those seeking an active retirement. For example, coastal communities and mountain towns in NC saw influxes of retirees buying homes to enjoy their golden years.

Affordability Benefits

Compared to states like New York, New Jersey, or California, North Carolina has more affordable housing and lower taxes. Home prices in NC’s towns and cities are generally lower than big Northeast metro areas. Property taxes are moderate, and the state has no estate tax, which makes it financially friendly to retirees.

Boomers on fixed incomes or pensions choose North Carolina because they can get more home for their money. Selling a house in an expensive market and moving to NC allows them to pocket savings or upgrade their lifestyle. For instance, a boomer who sells a home in the Northeast might buy a nice house in North Carolina for a much lower cost and bank the rest for retirement. Overall cost of living (like food and healthcare) is also relatively low, which is comforting for those on a budget.

Lifestyle and Health Considerations

Beyond budgets, many boomers pick North Carolina for its lifestyle benefits. The state offers a blend of urban amenities and natural beauty. Some prefer quaint small towns or scenic rural areas, away from big-city hustle. Others like medium-sized cities with good hospitals and universities (for lifelong learning and healthcare access).

North Carolina has reputable medical centers (such as in the Research Triangle and Charlotte), which is important as people age. The slower pace of life in many NC communities is appealing after decades of working. Safety and community are also factors – boomers often seek friendly, low-crime areas to settle.

Additionally, North Carolina has numerous 55+ active adult communities and retirement developments. About 1 in 5 boomers say they are considering moving into a 55-plus community or have already done so. These neighborhoods offer social activities, maintenance-free living, and homes designed for older adults (for example, one-story layouts). Such lifestyle-focused options have drawn boomers to buy homes in the state.

Family Connections and “Baby Chasers”

A growing trend is boomers moving to be closer to family, especially grandchildren. Some retirees choose their next home based on where their adult children have settled. This has earned the nickname “baby chasers.” A national survey found roughly 25% of baby boomers plan to retire in a location near their grandchildren.

North Carolina’s booming job market in the 2010s and 2020s attracted many younger adults (millennials and Gen X). As those younger people moved to cities like Charlotte, Raleigh, and Durham for work, their retiring parents often followed. For example, Charlotte was ranked the #1 “baby chaser” market – meaning many boomers were moving there to be near their kids and grandkids.

By living nearby, grandparents can spend more time with family and get support as they age. This family-driven motivation kept some boomers in North Carolina (instead of moving to Florida or Arizona) because their loved ones are in NC. It also brought new retiree buyers from out of state, coming to join family who had relocated here.

Housing Preferences

When buying homes, some boomers look to downsize into a smaller, easier-to-maintain house. After children move out, they may not need a large 4-bedroom house. In North Carolina, boomers have been buying cozy single-story homes, condos, or townhouses that require less upkeep.

However, not all are downsizing – some are even “upsizing” or buying similar-sized homes. For instance, if they plan to host family visitors, they might want a spare bedroom or a roomy living area. A number of boomers are not interested in tiny condos; they still want comfortable space for hobbies, a home office, or guests. This means they sometimes compete with younger families for three-bedroom houses in desirable areas.

Additionally, multigenerational living has grown: 15% of younger boomers who bought homes chose a multi-generational home to accommodate aging parents or adult children. In summary, many boomers seek a “right-sized” home – whether smaller or similar in size – that better fits their new stage of life, with features like first-floor master suites (for aging comfort) or a nice community environment.

The Impact of COVID-19 on Boomer Home Buying

The COVID-19 pandemic (2020–2022) had a significant impact on housing decisions, including those of baby boomers. Early in the pandemic, many older adults hunkered down for health safety, but the period that followed actually accelerated retirement and relocation trends for boomers:

Accelerated Retirements

In 2020, record numbers of boomers retired earlier than expected. By the third quarter of 2020, about 28.6 million baby boomers nationwide had retired, which was a few million more than before the pandemic. Some lost or left jobs due to the pandemic and decided to retire rather than return to work. Others reassessed their priorities during lockdowns and chose to fast-track their retirement plans.

This wave of retirements meant more people in their 60s were free to move where they wanted. Many chose to go ahead and relocate to their dream retirement spot. For a lot of them, that spot was in North Carolina. So, in the years 2020–2022, NC saw increased movement of retirees settling in, even as the world coped with COVID-19.

Remote Work Flexibility

Although most baby boomers were near retirement, some were still working in 2020. The pandemic’s shift to remote work allowed a subset of boomer professionals to move earlier. If their jobs went online, they could sell their house in, say, New York or Chicago and work remotely from a home in North Carolina until officially retiring.

This was not a huge group, but it did contribute to migration. Also, boomers who were already retired found it easier to coordinate a long-distance home search during the pandemic thanks to technology (like virtual tours and video calls with realtors). The housing industry adapted with digital tools, making it possible for older buyers to purchase homes in NC even if travel was difficult at times.

Desire for Space and Safety

COVID-19 made people value space. Some boomers living in dense cities or condos decided they’d prefer a home with a yard or more distance from neighbors. North Carolina’s mix of suburban and rural areas provided an attractive escape.

A desire for a bit of land or a quieter community led certain boomers to buy houses in the NC countryside or smaller towns, where they felt they could breathe easier. The pandemic also underscored the importance of having family nearby – we saw grandparents moving to be close to family as a safety net during uncertain times.

In short, COVID-19 pushed some boomers to rethink where they want to live their later years, often leaning toward the spacious and friendly environments that North Carolina offers.

Market Dynamics During COVID

The pandemic years brought unusual housing market conditions. Initially, in spring 2020, home sales slowed due to lockdowns. But soon after, the real estate market heated up dramatically. Home prices climbed quickly in 2020 and 2021.

For boomers who already owned homes elsewhere, this price surge was a boon – they could sell their houses at high prices, increasing their equity. This enabled them to confidently buy in North Carolina, even as NC prices were rising too. Many felt it was a good time to make the move.

Additionally, interest rates hit historic lows in 2020–2021. Boomers who took mortgages benefited from very low borrowing costs on their new NC homes. However, by 2022, interest rates rose sharply to combat inflation. This pricing-out effect hit younger buyers harder than older ones. As noted, many boomers pay cash or only need small loans, so the higher rates in 2022–2023 didn’t stop them as much.

In fact, in 2022 boomers’ share of home purchases jumped partly because some millennials paused buying when loans got expensive. Thus, the pandemic’s aftermath created conditions that favored boomers in the housing market: low inventory (partly due to boomers staying put) and high competition, but with older buyers holding a strong financial hand.

Where in North Carolina Are Boomers Buying?

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Baby boomer home-buying trends in North Carolina vary by region – urban vs. rural, coastal vs. inland. Here’s a look at which areas boomers are choosing:

Coastal Communities

Eastern North Carolina, especially the coastal counties, have been magnet areas for retiree buyers. For example, Brunswick County (south of Wilmington, along the coast) is one of the fastest-growing counties in the state. It has attracted so many retirees that about 34.4% of Brunswick County’s population is age 65 or older, nearly double the state average.

Boomers are drawn to its beaches, mild winters, and newer housing developments. Towns like Southport, Oak Island, and the Myrtle Beach-adjacent areas offer a relaxed seaside lifestyle. New Hanover County (Wilmington) and Carteret County (around Atlantic Beach) also saw brisk boomer home sales.

These areas often have active adult communities, golf courses, marinas, and other amenities retirees seek. Coastal North Carolina provides a slightly quieter and more affordable alternative to Florida’s coastline, which is why many boomers choose it.

Notably, some “half-back” retirees moved from Florida halfway back north to the Carolinas to escape Florida’s high costs and crowding, yet still enjoy warm weather. The result is that nearly half of all homeowners in the Wilmington area are baby boomers, a testament to its popularity among seniors.

Mountain and Scenic Areas

On the opposite side of the state, the Blue Ridge Mountains and foothills of North Carolina are another boomer hotspot. The Asheville area, for instance, has long been a retirement favorite. It offers mountain beauty, arts and culture, and a pleasant climate (cooler summers).

Boomers purchased homes in Asheville and surrounding counties (such as Henderson and Transylvania) for the picturesque environment and vibrant community. Around 43% of homeowners in the Asheville metro area are baby boomers, indicating a high concentration of older home owners.

Besides Asheville, smaller mountain towns like Boone, Blowing Rock, and Banner Elk also saw boomer interest – often people looking for a peaceful, nature-oriented retirement. These locales provide hiking, scenic views, and in many cases lower living costs. Retirees from Florida or the Southeast sometimes choose the NC mountains to escape heat while still staying in the South.

Suburban and Smaller Cities

Not all boomers want beach or mountain isolation – plenty opted for suburbs and small cities across North Carolina. For example, High Point, a city in the Piedmont Triad (central NC), emerged as a popular spot for in-state boomer movers.

In 2022, High Point ranked among the top 10 U.S. cities for boomer moves, gaining about 3,051 new boomer residents (and notably, 81% of those movers came from within North Carolina itself). This suggests that a lot of NC boomers relocated from other parts of the state to High Point – likely for its affordable housing and quieter lifestyle.

Other smaller cities like New Bern, Greenville, or Winston-Salem also attracted retirees who wanted a mix of amenities and calm living. These cities have decent healthcare facilities, cultural sites, and lower home prices, making them suitable for boomers settling down.

Major Metro Areas

North Carolina’s largest cities – Charlotte and Raleigh – did not see as high a share of boomer homeowners, since they have a huge influx of younger working-age people. For instance, only about 31% of homeowners in the Raleigh area are baby boomers, and roughly 34% in the Charlotte metro are boomers.

These percentages are on the lower end nationally, because places like Raleigh and Charlotte are thriving job hubs attracting many 20- and 30-somethings. However, the sheer size of these cities means they still have a large number of boomer residents in absolute terms.

Some boomers choose to retire in or near the city to be close to excellent hospitals, airports, and urban amenities like restaurants and museums. Both metro areas have numerous 55+ communities in the suburbs. Also, remember the “baby chaser” effect: cities like Charlotte have boomer parents moving in to join their adult children.

Comparing 2018–2023 with 2008–2017

When we compare the years 2018–2023 with the prior decade 2008–2017, we can see some clear shifts in baby boomer home buying patterns:

Demographics and Retirement Wave

A major difference is that by 2018–2023, more boomers had reached retirement age. The oldest boomers turned 62 in 2008 (early in the first period) and 73 in 2019. This means during 2008–2017, many boomers were in their 50s or early 60s and still working or not yet retired. Fewer were ready to relocate for retirement in those years.

Starting around 2011, boomers began turning 65 at a rapid pace, and by the late 2010s a huge wave was underway. By 2030, all baby boomers will be at least 65. The latter half of the 2010s and early 2020s was the front end of that wave.

In short, 2018–2023 had many more people in the boomer generation actively making retirement moves than 2008–2017 did. This naturally led to more home buying (and selling) activity among that age group in the recent period. In contrast, during 2008–2012, some boomers may have delayed retirement or moving because they weren’t old enough or financially ready (especially given the recession then).

Housing Market Cycles

The earlier period (2008–2017) began with the Great Recession and housing crash. In 2008–2011, home prices fell or stagnated, and the real estate market was in a slump. Many boomers who might have wanted to downsize or relocate held off because their home values had dropped. They didn’t want to sell at a loss.

Some were “underwater” on mortgages (owing more than the house was worth), which trapped them in place. As a result, boomer moves were limited right after 2008. Additionally, economic uncertainty made retirement less secure for some – nest eggs shrank and people worked longer.

By the mid-2010s, the economy recovered, and housing picked up. From roughly 2013–2017, we saw more activity: boomers started to sell homes and move again as prices rose back up. However, even then, millennials (born in the 1980s–90s) were the bigger force in the market.

In fact, from 2014 to about 2020, millennials made up the largest share of home buyers each year. Many boomers were staying put or downsizing locally during that time, rather than making huge relocation moves.

In 2018–2023, the scenario flipped. The housing market was generally strong (aside from the brief early COVID slowdown). Home prices reached record highs by 2021, which gave boomers confidence (and cash from sales) to move. Instead of a housing slump, there was a boom – and boomers took advantage of it.

Generational Market Position

In 2008–2017, boomers were slightly overshadowed by other groups in home buying. Many were already homeowners earlier in life, so during that time they weren’t as large a share of buyers. Younger generations were coming into homeownership in force.

By contrast, in 2018–2023, boomers reasserted themselves as a dominant buying group. According to the National Association of Realtors, boomers’ share of home purchases jumped from 29% to 39% between 2021 and 2022, surpassing millennials. And NAR’s latest data show boomers around 42% of buyers by 2023.

This is a stark change from around 2015, when millennials were roughly 35–40% of buyers and boomers maybe around one-quarter. Part of this reversal is due to the affordability crunch – younger buyers struggled more with high prices and loans in the recent period, while older buyers used accumulated wealth to keep buying.

So the 2018–2023 era saw baby boomers “regain the top spot” in the housing market, something that was not true in 2008–2017.

Housing Needs Evolution

The needs of boomers evolved as well. In 2008, the youngest boomers were in their mid-40s and the oldest just past 60. Many still had children at home or were in peak career years. Buying a home then might have meant upsizing for some (if they were late nest-builders) or holding onto the family home.

By 2018, even the youngest boomers were near retirement (mid-50s) and oldest were well into 70s. Their purchases were more about retirement lifestyle or downsizing. We saw more interest in single-story homes, condos, or senior-focused developments in 2018–2023 versus 2008–2017.

The rise of senior living communities and amenities is much more prominent now than a decade ago. Also, the technology in home buying changed. In 2008, online listings existed but virtual tours were rare; by the 2020s, even older buyers were using Zillow, video tours, etc. This made long-distance moves easier for boomers in 2018–2023.

Overall, the recent period’s boomer home buyers were typically empty nesters seeking comfort and convenience, whereas in the 2008–2017 period, boomers were a bit younger and often still in their career/family phase.

In conclusion, 2018–2023 saw baby boomers taking a more active and leading role in North Carolina’s housing market compared to 2008–2017. The combination of many boomers hitting retirement, a strong housing market that favored sellers (giving them funds to relocate), and the lessons of the pandemic all led to an increased flow of boomer buyers.

The earlier decade had boomers as important players but not the dominant force – they were more often staying put or cautiously downsizing post-recession. By the late 2010s and early 2020s, boomers were moving in greater numbers and had become a driving force in home buying trends across the state.

North Carolina, with its mix of affordability, natural beauty, and family-friendly cities, clearly benefited from this generational shift, and that is reflected in the homes and communities boomers have chosen in recent years.