Baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame?
According to Aaron Terrazas, Senior Economist at Zillow, baby boomers “are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.”
According to Realtor.com’s study , 85% of baby boomers say they are not planning to sell their homes.
While it is true that baby boomers are healthier and working and living longer, is it also true they are refusing to sell their homes?
Last month, Trulia compared seniors’ (aged 65+) housing situations from 10 years ago to today revealing that “although seniors appear to be delaying downsizing until later in life, as a group, households 65 and over are still downsizing at roughly the same rate as in years past.”
Trulia also explains that, “5.5% of households 65 and over moved, pretty evenly split between moves to single family (2.7%) and multifamily (2.4%) homes. In 2005, these percentages were virtually the same, with 5.5% of senior households moving, including 2.5% into single family and 2.5% into multifamily homes.”
Since these percentages are the same, what is the upcoming challenge?
Recent reports tell us that our elder population grew from 3 million in 1900 to 47.8 million in 2017! Additionally, the Census recently revised the numbers from their National Population Projections stating that with the aging of baby boomers “older people are projected to outnumber children for the first time in U.S. history” within a couple of decades…by 2035, there will be 78.0 million people 65 years and older compared to 76.7 million under the age of 18.”
If you are considering downsizing or re-locating be sure to call a local real estate professional who can help you evaluate your options!
Source: Keeping Current Matters