Boomers are not moving out of their big homes. Here’s why...

 

Selling and downsizing isn’t easy, appealing or even financially advantageous. Prices and rates are high, smaller homes are hard to find and rent is sky high too... 

Plus, smaller homes or apartments in the neighborhoods they’ve come to love are rare. And with current prices and mortgage rates so high, there is often a negligible cost difference between their current home and a smaller one.

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Home Buyers - Baby Boomers Overtake Millennials

Baby boomers now make up 39% of home buyers – the most of any generation – an increase from 29% in 2022

Generation Z now makes up 4% of buyers, with 30% of Gen Z moving directly from a family member’s home into homeownership.

When relocating, all generations are moving farther distances, with younger boomers (ages 58-67) moving the greatest distance at a median 90 miles away..

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Boomer Homes to flood US market...

The U.S. housing market is on the verge of being inundated with homes for sale on a scale that hasn’t been seen since the housing bubble in the mid-2000s.

The tsunami is being driven by a grim reality: Baby Boomers dying.

Four out of 10 U.S. homes are owned by residents age 60 or older, and five out of 10 by residents 55 or older, according to Zillow. Over the next two decades, more than a quarter, or roughly 21 million homes, are likely to be vacated. During the last housing bubble there were only 450,000 new home sales per year, on average.  Click here to read more...