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Millions of senior citizens are staying in their homes longer than their predecessors in earlier generations, keeping homes off the market and making it more difficult for younger Americans to break into ownership.

According to an analysis from economists at Freddie Mac, 1.1 million homes have been “held off the market” by owners born between 1931 and 1941, and another 300,000 by those born between 1942 and 1947.

Another 250,000 homes are still being occupied by their baby boomer owners – those born between 1948 and 1958 – although most analysts believe there’s a big wave of boomer retirements ahead that may change the aging-in-place dynamic quantified so far.

Freddie’s economics team previously reported an overall shortfall of 2.5 million housing units across the country.

“We believe the additional demand for homeownership from seniors aging in place will increase the relative price of owning versus renting, making renting more attractive to younger generations,” Chief Economist Sam Khater said.

It will also boost spending on renovations, as previously reported.

 

Source: realtor.com

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