In order to conduct this analysis we take in data on market value of home at a national level, for 6 age categories over a 10 year period:
Clearly when we look at the change in the market value of a home over a decade we can expect the values of homes to be higher though that is not always the case. In the case of Monroe county we find with the exception of folks less than 25 years old, the market value of homes owned by folks of all other age groups has actually increase between 30% to approximately 55%. The market value of homes owned by folks below the age of 25 has actually increased in value by approximately 80% during the same time period.
Another fact that sticks out is that in the year 2001 the market value of homes owned by folks between the ages of 45 and 54, 55 to 64 and above 65 years of age, were all about the same around approximately $125k. However, in the year 2010 the market value of homes owned by folks in the 45 to 54 and 55 to 64 age group have remained very close to each other around approximately $193k, but the market value of homes owned by folks above the age of 65 has actually declined to less than $180k. This clearly shows that there has been a change which may be explained by the fact that as folks have retired, they are increasingly moving away from metropolitan areas of the country and prefer living in lower cost suburban localities. This example is fairly self evident in the New York metropolitan area, where many folks choose to retire to states like Florida, Arizona and New Mexico where the cost of living is much cheaper beginning of course with the cost of housing.
Professionals like Ryan and David who are in the real estate finance industry need to be cognizant of these national trends and ensure that they recognize the trends in their local target markets and adjust their product offerings and positioning accordingly.
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