Boomers Own 38% of America’s Homes—but More Than Half Never Plan To Sell Their Homes

Homebuyers hoping for an influx of homes from aging baby boomers may be disappointed, as a Clever Real Estate survey reveals that 54% of boomers intend to keep their homes. Boomers, aged 60 to 78, make up 21% of the U.S. population and own 38% of the nation’s homes, contributing to tight housing inventory.

Many boomers view homeownership as crucial for financial security and fear failure if they don’t own a home.

Despite anticipating significant profits from selling—over $100,000 for many—most are not interested in downsizing. This reluctance could further constrain the already limited supply of homes for sale, pushing prices higher. The current supply stands at 1.33 million units, well below the six-month supply considered balanced.

Interestingly, the survey also found that many boomers faced fewer challenges when purchasing homes compared to today’s young buyers, as half bought their first homes for $75,000 or less. Despite this, 42% of boomers believe younger generations have it easier today. The contrasting experiences highlight the different financial environments faced by generations, with young buyers grappling with high prices and elevated mortgage rates. Whether the current market will improve remains uncertain.

Courtesy of realtor.com