"Three-quarters of them own a home. The report shows that just 10% of boomers plan to sell within the next five years, down from 15% in 2024, meaning that 90% of the homes owned by this generation won't hit the market until the 2030s. Besides wanting to age in place,"
"factors cited by boomers in not selling include having paid off their mortgages (44%), not wanting to start over (36%), planning to leave homes as inheritances (34%) and concerns they can't afford a new home (30%). Only serious health issues, financial hardships or the loss of a partner would change their minds. Homeownership remains central to this generation's identity. Nearly nine in 10 boomers believe buying a home is almost always a good decision and 84% say it represents financial security."
"More than 40% consider not owning a home a sign of failure. Also, stability, easier retirement and proximity to family top the list of benefits of owning a home. A total of 36% of those who do plan to sell want to downsize, while more than one-quarter would move into a retirement home or assisted living facility. Two-thirds expect to make at least $100,000 in profit if they sold today."
A survey of 1,000 Americans born between 1946 and 1964 on July 18 found three-quarters own a home. Only 10% plan to sell within five years, down from 15% in 2024, so 90% of boomer-owned homes likely won't reach the market until the 2030s. Common reasons for staying include paid-off mortgages (44%), not wanting to start over (36%), leaving homes as inheritances (34%) and fears about affording a new home (30%). Homeownership is widely seen as a good decision and financial security. Among prospective sellers, 36% plan to downsize and two-thirds expect at least $100,000 profit. Many boomers blame younger generations for the housing crisis and believe boomers should lead housing policy.
Read at www.housingwire.com
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