Baby boomers – those born roughly 1946 to 1964 – make up a significant portion of Ohio’s population and homeowners. As of 2021, Ohio’s median age was about 40 (slightly above the national median of 39). Over the past two decades, the share of older adults in Ohio steadily grew. In fact, the population aged 55 and over expanded from 22% of Ohioans in 2001 to about 31% by 2019.

Many of these individuals are baby boomers now entering their retirement years. This aging demographic translates into a larger footprint in the housing market. Nationally, Americans over 55 owned 54.0% of owner-occupied homes in 2023, up sharply from 44.3% in 2008. This trend of rising older-homeowner dominance is evident in Ohio as well, given its relatively older population. For example, in metropolitan Cleveland – an area with many long-time residents – nearly 39% of homeowners are baby boomers.

One important aspect of Ohio’s boomer demographics is household composition. Many boomers are empty nesters or living alone as they age. State data show that one in eight Ohio households consists of a single adult age 65 or older, totaling over 613,000 households. These older homeowners often live in houses that once held families, presenting challenges as they try to maintain larger homes on their own.

Some have paid off their mortgages, easing financial burdens, but upkeep and property taxes can still strain those on fixed incomes. About 19% of Ohio homeowners 65+ with mortgages are severely cost-burdened, spending over half their income on housing costs.

The Growing Dominance of Baby Boomer Homeownership

Between 2018 and 2023, baby boomers solidified their dominance in homeownership, both nationwide and in Ohio. The aftermath of the Great Recession and the housing recovery in the 2010s saw many boomers holding on to their homes and even accumulating more housing wealth.

By 2023, older generations occupied a historically high share of homes. National analyses indicate that the proportion of U.S. homes owned by those 55+ climbed to 54% in 2021–2023, after peaking at 54.2% in 2021. In comparison, mid-career adults in the 35–54 range saw their share of homeownership drop from about 42% of homes in 2008 to just 34% in 2023.

As younger generations struggled with finances or delayed purchases, boomers and seniors expanded their stake in the housing market. This pattern is reflected in Ohio, where an aging population and steady homeownership rates among boomers have meant a greater concentration of homes in boomer hands over time.

This is a notable change from the late 2000s and early 2010s. During that earlier period, many baby boomers were in their peak working years or just entering retirement. The housing crash around 2008 hit home values hard, and some boomers postponed selling or buying homes until the market improved.

Homeownership retention among boomers remained strong through those years, with studies finding “no signs yet of declining baby boomer homeownership” even as the oldest boomers approached their 70s. Unlike some expectations of an exodus to rentals or senior living, most boomers stayed homeowners through the 2010s.

By the late 2010s and into 2018–2023, as home prices recovered and then surged, boomers who held onto property saw substantial equity gains. This put them in a powerful position in the market, especially compared to younger buyers still building wealth.

Baby Boomers as Home Buyers: A Powerful Market Force

In the years 2018 through 2023, baby boomers emerged as a driving force on the buying side of the real estate market. For much of the 2010s, Millennials had been the largest group of home buyers as they entered adulthood. However, by the early 2020s, the tide shifted.

Boomers overtook Millennials as the largest share of recent home buyers, a trend seen nationally and evident in Ohio’s markets. According to the National Association of Realtors (NAR), between July 2022 and June 2023 baby boomers accounted for 42% of all home purchases in the U.S., while Millennials fell to 29%. (Just one year prior, Millennials had been 38% of buyers). This was a striking change, marking only the second time since 2013 that boomers led in home buying activity.

Financial Advantages in the Housing Market

One reason is that boomers often have a financial edge. By this stage of life, many boomers have accumulated equity from prior homes or savings, allowing them to make competitive offers. In fact, a large portion of boomer buyers pay cash. In 2023, about half of older boomers (70s) and two in five younger boomers (60s) purchased their homes entirely with cash.

This ability to buy without a mortgage gave them an advantage in bidding wars – a significant factor in the hot housing markets of 2020–2022. During those years, rock-bottom interest rates and pandemic-driven demand caused home prices to spike in many areas of Ohio. Younger buyers who required financing often struggled with strict lending requirements or were outbid by cash offers.

Lifestyle Changes Driving Purchases

Another factor is lifestyle and life stage changes. Many boomers in 2018–2023 were recently retired or approaching retirement, prompting moves. Some bought homes in warmer climates for winter months or moved to be near grandchildren. Others purchased smaller houses or condos that better fit their empty-nest needs.

A segment of boomers even bought homes for the first time later in life, or re-entered the market after renting for a period, contributing to the buyer pool. It’s also worth noting that first-time homebuyers overall have been getting older, reflecting how difficult the market has been for younger adults. In 1991, the typical first-time buyer in the U.S. was 28 years old, whereas in 2023 the median first-time buyer was 38.

Regional Variations in Buying Patterns

Within Ohio, boomers’ buying trends varied by region. Many Ohio boomers bought homes within the state, often not far from their previous residence. Ohio actually leads in in-state moves – about 87% of Ohioans who moved in 2021 stayed within Ohio.

Those who did come from out of state often came from Florida (which by 2021 overtook nearby Kentucky as the top source of new Ohio residents). This suggests some retirees who had moved south are coming back to Ohio, possibly boomers returning to be near family.

Beyond Primary Residences: Investment Properties

Not all boomer buying was for primary residences. A portion of baby boomers also purchased rental investments or second homes during 2018–2023. Some took advantage of low interest rates in 2020–2021 to buy vacation homes (such as a cottage on Lake Erie or a condo in Florida) or to invest in rental properties for extra income.

Nationwide, vacation-home purchases spiked during the pandemic – in 2020, over 5% of all mortgages were for second homes, though this cooled to about 3% by 2022. Boomers, with their resources, contributed to this wave.

Baby Boomers as Home Sellers and “Aging in Place”

On the flip side of the transaction, baby boomers also dominated as home sellers from 2018 to 2023. National data from NAR show that boomers made up 53% of home sellers in 2022–23 – by far the largest generational group among people listing their homes.

In Ohio’s real estate market, a substantial number of listings came from longtime homeowners deciding to sell, especially as home prices hit record highs in 2020–2022. The act of selling for a boomer typically meant either downsizing to a smaller home, relocating to a new area, or occasionally renting after sale.

According to the NAR survey, the top reasons older sellers gave were that their previous homes were too large or they wanted to be closer to family. Indeed, boomers were far more likely to be selling a home because it no longer suited their empty-nest lifestyle, whereas younger sellers more often sold because their homes were too small or due to job relocations.

In Ohio, we saw many boomers listing the big suburban family homes in favor of condos, single-story houses, or 55+ community residences. For example, Toledo-area realtors in 2021 noted that many sellers were baby boomers or Gen X downsizing, which added supply of larger homes that younger buyers quickly snapped up.

The Aging in Place Phenomenon

However, the boomer generation’s impact on housing supply is a double-edged sword. While many chose to sell during 2018–2023, an equally large (or larger) share chose not to sell at all – opting instead to “age in place.”

Surveys consistently show that a majority of boomers want to stay in their own homes as they get older. One 2024 national survey found over half (54%) of boomer homeowners plan to never sell their home, intending to live there for the rest of their lives. Only about 15% expected to sell within the next five years.

This sentiment is very evident in Ohio. Many boomers simply remain in the houses where they raised their families, even as the kids move out. They may delay downsizing or not downsize at all, especially if their current home is paid off or carries a very low mortgage rate from an earlier refinancing.

This behavior has contributed to a tight housing inventory – fewer move-up homes on the market for younger families – sometimes referred to as the “lock-in effect.” In practical terms, a large four-bedroom home in a Columbus suburb that might have been sold when the owners turned 65 is now more likely to still be off-market, occupied by those owners into their 70s or 80s.

The Downsizing Reality

Downsizing has been a common theme but not an across-the-board reality. The oldest sellers (ages 79-99, the “Silent Generation” just older than boomers) were most likely to have downsized to smaller homes when they sold.

Many boomers too downsized in square footage – selling a large house and moving to something with fewer rooms or a smaller yard – but not all went to dramatically smaller quarters. Some moved laterally (to a home of similar size but in a ranch layout or in a different location), and a minority even “upsized” if they moved from an older modest home to a newer one with more modern amenities.

Crucially, a significant number of baby boomers own their homes outright (no mortgage), and even among those who still carry a mortgage, many refinanced to ultra-low rates in the 2010s. This creates a disincentive to sell – there’s no pressing financial need to leave, and selling might mean giving up a house that’s cheap to hold onto.

Location Preferences: Where Are Ohio’s Boomers Moving?

A key question in understanding boomer trends is location: Are baby boomers moving to urban downtowns, staying in suburbs, or seeking rural peace? In Ohio, as in much of the country, the stereotype of retirees downsizing to a downtown condo or moving to Florida only captures a portion of the reality.

The majority of Ohio’s baby boomers have shown a preference for suburban and small-town living over big-city urban cores, although there are nuances by age and region.

National surveys shed light on this pattern. Among recent home buyers, younger boomers (in their 60s) were the most likely to purchase homes in small towns, whereas older boomers (70s) were most likely to buy in suburbs.

This suggests that as boomers retire, many leave the hustle of large cities and even the older inner-ring suburbs, gravitating toward quieter communities – perhaps a charming town by a lake or a laid-back suburb with modern amenities.

Despite media stories about retirees moving “back to the city,” comprehensive data indicates boomers have continued to leave urban cores in large numbers, often in favor of less dense areas. In the 2000–2010 decade, for example, the population of boomers in major metro urban cores dropped significantly, while their numbers grew in outer suburbs, smaller cities, and rural areas.

Urban Centers vs. Suburban Living

Within Ohio’s big cities, the impact of this is evident. Columbus, which has a vibrant downtown and urban revival, did attract some boomers – typically affluent ones – to condos or apartments in the Short North or downtown riverfront areas.

But these cases are relatively few compared to the vast number of boomers staying in suburban Columbus neighborhoods like Dublin, Westerville, or Grove City. Cincinnati presents a similar picture: a trendy downtown/Over-the-Rhine area might see a handful of retiree buyers, but more boomers are found relocating to suburban West Chester or to quieter parts of northern Kentucky across the river.

Meanwhile, Cleveland and Toledo have seen many boomers exit the city proper or older suburbs, sometimes moving to outer suburbs or even out of state. Notably, when Ohio boomers move long distances, a popular destination is indeed the Sun Belt (Florida being a top pick for those leaving Ohio).

But the net migration isn’t one-way – Ohio also gains some seniors moving into the state. By 2021, Ohio was actually receiving more people from Florida than it was losing to Florida, which hints that some older Ohioans are returning north, possibly after an initial retirement stint down south.

Rural and Small Town Appeal

Rural areas and small towns in Ohio have also felt the boomer influence. Some boomers with rural roots choose to return to more remote counties upon retirement, perhaps to enjoy nature or a quieter life.

Others leave big cities for Ohio’s many micropolitan areas – for example, moving to towns in Amish Country, the Hocking Hills region, or along Lake Erie’s shore. Those areas can offer a lower cost of living and a relaxed lifestyle, which appeal to retirees.

However, rural moves can come with trade-offs: access to healthcare and services is a concern, so not all boomers are comfortable moving too far from a metropolitan hospital or airport. Many compromise by choosing exurbs – the far edges of metro areas – that feel rural but are near a city.

Why Boomers Move or Stay: Key Motivations

Understanding why baby boomers decide to buy, sell, move, or stay put is crucial. Several common motivations have driven boomer housing decisions in Ohio during 2018–2023:

Family Proximity

This is perhaps the top factor. As boomers retire, many want to live nearer to their adult children and grandchildren or aging parents. In a national profile of home buyers, “the desire to be closer to friends and family” was cited as a primary reason boomers purchased homes.

We see this in Ohio when, for instance, grandparents move to the same city as their grandkids. The Dayton Daily News noted a study showing the top reason people moved to Ohio was to be closer to family.

So a boomer couple might relocate from out-of-state to Ohio to reunite with family, or an Ohio-based boomer might simply move across the state or across town for family proximity. Conversely, fear of leaving family behind is a big reason many boomers stay in Ohio rather than retiring to, say, Arizona – their roots are here.

Retirement and Lifestyle Changes

Retirement is a classic trigger for moving. When people stop working, they are freed from needing to live near their job. Many Ohio boomers retired during 2018–2023 (recall that by 2023 the youngest boomers were in their late 50s and the oldest in their late 70s).

Some chose to relocate to traditional “retirement destinations” – a subset did move out of Ohio to warmer climates or places with recreational appeal. But plenty of retirees simply changed houses within Ohio to better fit their new lifestyle.

Without a daily commute, a rural home or a lakefront property became feasible and attractive. Retirement also often means downsizing for convenience. Boomers retiring might want a smaller one-story home that’s easier to maintain, or a condo where exterior maintenance is handled, giving them more time to travel or pursue hobbies.

Financial Considerations

Boomers are very attuned to cost-of-living considerations, especially those on fixed incomes. Housing decisions often involve weighing property taxes, insurance, utilities, and upkeep costs.

Some moves have been motivated by seeking a lower cost of living – for example, an Ohio boomer in an expensive suburb might move to a more tax-friendly county or a state with lower taxes.

Conversely, the financial security many boomers derive from homeownership is a reason they stay. A survey found 76% of boomer homeowners credit homeownership for their financial stability. This sense of security means they are cautious about making changes that could jeopardize it.

Many boomers have relatively low monthly housing costs thanks to past fixed-rate mortgages or paying off loans, and they know that renting or buying anew could raise their expenses. Thus, unless the financial trade-off is clearly beneficial, they may choose to remain where they are.

Health and Accessibility Needs

As boomers age, health considerations increasingly factor into housing. While most boomers in 2018–2023 were in their 60s or early 70s and relatively independent, some began to experience mobility issues or other health concerns.

This leads them to seek homes that can accommodate aging – single-floor layouts, few stairs, wider doorways, etc. Many moves within Ohio were boomers proactively relocating to homes that would be easier to live in as they get older.

Access to healthcare is a related motivation: some rural-dwelling boomers moved closer to cities specifically to be near top-notch hospitals or specialty doctors. Communities and developers in Ohio responded with more options like 55+ communities and senior-friendly apartments.

Regional Housing Market Differences Across Ohio

Ohio is a diverse state, and baby boomer housing trends are not uniform across all regions.

Central Ohio (Columbus and vicinity)

The Columbus metro area has been growing and skewing younger due to Ohio State University and a strong job market. Yet, it’s also becoming a destination for older adults, including boomers.

Central Ohio is actually the only Ohio region expected to have an increase in its older adult population by 2030 (projected +8%), whereas the state overall will see a slight decline in that cohort. This means Columbus is drawing in retirees or retaining boomers even as other areas lose them.

Boomers in Columbus have been active both as sellers and buyers. Many longtime residents in suburbs decided to downsize, selling homes that were quickly bought by younger families. At the same time, those boomers often bought condos or patio homes in the area – they didn’t leave town.

A trend in Columbus is the development of “empty nester” communities (e.g. 55+ subdivisions or luxury apartments in walkable suburban town centers) to cater to boomers who want amenities and less maintenance.

Northeast Ohio (Cleveland, Akron, Canton)

This region historically has an older population and slower growth. Cleveland stands out for its high concentration of boomer homeowners – nearly 39% of homeowners in the Cleveland metro are baby boomers.

That’s among the higher figures nationally and reflects that younger people often moved away for jobs, leaving a higher share of older folks owning homes. From 2018–2023, many Cleveland-area boomers stayed put (aging in place), partly due to modest home value growth (until the recent surge) and emotional attachment to communities.

Those who did sell often moved to nearby suburbs or warmer climates. The region has also seen some return migration – adult children who left might encourage their retiring parents to move closer to them, so a boomer in Cleveland might move to Columbus or out of state to join family.

Akron and Canton, with their smaller markets, had boomers downsizing within the area or moving to be closer to Cleveland’s health centers. A challenge in Northeast Ohio is an older housing stock – big, aging houses in need of repair. Some boomers, unable to maintain these, sold them and moved to something easier, including renting apartments.

Conclusion: The Boomer Impact on Ohio’s Housing Market

The baby boomer generation has been, and continues to be, a powerful force in Ohio’s housing market. Between 2018 and 2023, boomers were at the center of home buying and selling trends in the state.

They accounted for an outsized share of home purchases – often outbidding younger buyers thanks to equity and cash – and they represented a majority of home sellers as they selectively downsized or relocated. At the same time, many boomers chose to age in place, resulting in lower housing turnover and contributing to tight inventory conditions.

Most Ohio boomers stayed in the suburbs or moved to small towns rather than central cities, showing preferences for familiar and affordable locales over urban hustle. Their motivations revolved around family ties, retirement lifestyles, cost considerations, and convenience to services, which led to decisions as varied as moving across the country to be near grandchildren, or simply installing a stairlift and remaining in a longtime home.

As of 2023, Ohio’s baby boomers are generally split between those actively shaping the market (buying new homes, investing, or moving closer to family) and those quietly holding on to what they have. In both cases, their choices reverberate through the state’s real estate trends.

For now, boomers remain a stabilizing yet also constraining force in housing: stabilizing in that they provide market activity and don’t default on loans (many have none), and constraining in that their reluctance to sell en masse keeps supply limited.

For other generations, understanding boomer behavior is key to navigating the housing landscape. In Ohio between 2018 and 2023, that behavior can be summed up simply: boomers made the housing market their domain, on their own terms – buying when and where it suited their needs, selling when the time felt right, and staying put when it didn’t.

References

• 2024 Ohio Housing Needs Assessment Executive Summary
• Baby Boomer Housing Market 2024: More Than Half of Older Owners Never Plan to Sell | Clever Real Estate
• Baby Boomer-Dominant Housing Markets [2024] – Construction Coverage
• Baby Boomers Regain Top Spot as Largest Share of Home Buyers – National Association of Realtors
• Boomers Are Top Home Buyers in Latest NAR Study – Columbus Ohio Real Estate | Buyer’s Resource Realty Services
• Boomers dominate the housing market, pushing out millennials – Fast Company
• Boomers: Moving Further Out and Away | Newgeography.com
• Home Buyers and Sellers Generational Trends – National Association of Realtors
• Housing Insights: The Coming Exodus of Older Homeowners – Fannie Mae
• In a plot twist, baby boomers now outpace millennial homebuyers – Almanac News
• Ohio a national leader for in-state moves; Florida top source of those moving to Buckeye State – Dayton Daily News
• Redfin: The demographic ‘landscape has transformed’ in the housing market as young families own less of the nation’s ‘large’ housing stock – ResiClub Analytics
• Rich Gen Xers are outpacing baby boomers in buying vacation homes – Yahoo Finance
• As the boomers age, senior-living options are booming, too – WCPO