Posted 4/2/2024, 8:16:00 PM
Boomer Homeowners Staying Put, Constraining Housing Supply for Younger Buyers
- 78% of baby boomer homeowners plan to age in place rather than downsize, worsening limited housing inventory
- Boomers own 28% of 3+ bedroom homes, limiting supply for younger families; millennials own just 14%
- Financial reasons like low mortgage rates and home appreciation keep boomers from selling
- Median US homeownership tenure has climbed from 6.5 years in 2005 to 11.9 years now
- Government isn't prioritizing senior housing, further encouraging boomers to stay put