These boomers tend to be well paid and they like to show it. The wealth they continue to build — via stock market, other investments and real estate — are very real and will be passed on to their children.
Here’s a link to an LA Times piece earlier today with the income and wealth scorecard separated out by age group.
I know baby boomers range in age from 42 to 61 but I think we can use the 40-49 and 50-59 figures.
The average household income for a baby boomer is about $66k annually. Will that go far in San Diego?
What about net worth? For the wealthier 50-59 set, the median is a whopping $106k. That’s just enough for 20% down on a fixer upper in Clairemont.
The younger boomers with their median net worth of $52k will have to settle for that condo conversion in Escondido.
Are there a few wealthy out-of-town baby boomers that would like to retire to San Diego? Sure, but how much true demand will they represent when their retirement dollars can go so much further elsewhere.
