Majority of Aging Adults Say They’re Not Moving
Baby boomers hold the majority of real estate wealth in the U.S.—and as they age, they increasingly say they plan to stay put in their current homes. Sixty-six percent of U.S. adults aged 55 and older say they expect to age in place, according to a new Freddie Mac survey.
The housing supply in the U.S. has dropped to record lows over the past two years. This shortage of inventory has resulted in a sense of uneasiness from prospective aging adults who would be otherwise interested in selling and downsizing. Baby boomers in particular are straying away from these traditional selling patterns, which again, helps to exacerbate the housing shortage.
While these plans of moving are put to a halt due to a low amount of inventory, on a financial level, previous homeowners have been enjoying the upside of the past two years' worth of record breaking price increases. While this prospect for financial gain is definitely a factor of consideration for any home owner in this position, it goes without saying that homeowners also recognize the hectic nature of the current market and many are hesitant to throw themselves into the market quite yet.
“Majority of Aging Adults Say They’re Not Moving.” Realtor Magazine, 6 June 2022, magazine.realtor/daily-news/2022/06/06/majority-of-aging-adults-say-they-re-not-moving.