Baby Boomers and their families

Baby Boomers and their families account for 48%, or nearly half, of all US households. 32% of two person households are headed by Baby Boomers. In three person households, 52% are led by Boomers. For households with 4 or more members 64% have a Baby Boomer as head of the household.

The household statistics change when we look at the two generations of Baby Boomers and their families. While family values are strong in each group their respective ages affect the size and composition of their families as well as household spending patterns.

Early generation Baby Boomers tend to have smaller and older family households. This group was born from 1946 to 1955. Individual ages range from 52 to 61 years old. They are often "empty nesters" with adult children.

21.9 million US households fall in this category with an estimated spending power of $1 Trillion, or $46,160 each. An average of 2.7 people live in the home and the average number of children under age 18 is .6.

This group spends 11% less on children's items than younger boomers. Spending priorities have shifted to upgrading their homes and furnishings, clothing, vacations, and retirement saving and investments.

Younger generation Baby Boomer families are larger and younger. This group was born between 1956 and 1964 and range in age from 42 to 51, so they are as much as 19 years younger than the oldest members of the early boomer generation. Some of these families are still bearing children and frequently have children in school.

There are 23.9 million households in this category with an estimated spending power of $1.1 Trillion. Average annual spending is $45,149 per household. These households average 3.3 members and the average number of children under 18 years of age is 1.3.

Children are the priority of this group's spending. 69% of these households own their own homes. A large share of the family budget goes to mortgage payments, pets, toys, and play equipment.

Live long and prosper!

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