Baby Boomers Own ¼ of all Homes…and Aren’t Selling…Yet
A recent Clever survey of over 3,000 60+-year old homeowners found that more than half have no intention of selling anytime soon. The findings are in line with other surveys that have found older Americans would prefer to age in place.
Redfin previously reported that Boomers own about 28% of all 3+bedroom homes in the U.S., which is twice as many as Millennials with kids.
Clever’s report found that more than half of Boomers surveyed said their home simply meets their current lifestyle needs. 40% said their mortgage was paid off, indicating that recent interest rate decreases may not thaw the freeze.
In the long run, of course, elderly homeowners will sell of their homes as they age out, but this information suggests it may take longer than in the past for this segment of Americans to add their properties to the supply side of the market.
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