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Data analysis: Wilmington has more older homebuyers than the national average

A for sale sign is posted on a home last month in Philadelphia.
Matt Rourke
/
AP
A for sale sign is posted on a home last month in Philadelphia.

The national average for homebuyers 55 or older is 20%. In Wilmington, it's 29%.

That’s according to a new analysis of data from the Federal Financial Institutions Examination Council.

The older segment of the population owns more than half the real estate wealth in the U.S., despite making up less than a third of the population. Older homebuyers are often at an advantage in the housing market, thanks to larger accumulated savings or equity.

However, in most of the U.S., baby boomers aren’t necessarily buying the most homes. Many of them choose to age in place, and homebuyers are usually on the younger end of the spectrum.

This analysis is yet more evidence that retirees are flocking to Wilmington in great numbers.

Data shows warmer climates are a major appeal for those 55 and older — as are recreational activities and a lower tax burden. Southern states like South Carolina and Florida rank highly for older homebuyers. And tax haven Delaware tops the list, with 38% of homebuyers being age 55+.

Kelly Kenoyer is an Oregonian transplant on the East Coast. She attended University of Oregon’s School of Journalism as an undergraduate, and later received a Master’s in Journalism from University of Missouri- Columbia. Contact her by email at KKenoyer@whqr.org.