A new survey has found 61% of baby boomer homeowners claiming they never plan to sell their homes, up by 7% from one year ago.
The new survey from Clever Offers, a platform owned by Clever Real Estate, also found the number of boomer homeowners expecting to sell within the next five years dropped to 10% from 15% in 2024.
Furthermore, nearly three-quarters of boomers (76%) said they were tired of being blamed for the housing crisis, with over half (51%) claiming their generation is the least responsible for today’s affordability challenges. And two-thirds (65%) of boomer homeowners believe younger generations could own a home if they were more responsible, with 51% opposed to more government programs to help young buyers, citing how they didn’t receive assistance when they were new to the housing market.
Still, over half (57%) of the boomers who said they would not sell admit that a serious health issue could change their mind, while 39% would consider selling if their home became too difficult to maintain. Nearly half (49%) also worried that cuts to Social Security or Medicare could force them to sell.
Among boomers intending to stay put in their home, over half (57%) say a serious health issue could change their mind, while 39% would consider selling if their home became too difficult to maintain. Nearly half (49%) also worry that cuts to Social Security or Medicare could force them to sell, while 83% lamented they would regret giving up independence to move in with family or into a retirement community.
The overwhelming majority (89%) of boomers believe buying a home is almost always a good decision, and two-thirds (66%) consider homeownership as one of their greatest financial achievements.
And while many boomers have no immediate plans to sell, more than two-thirds (68%) of boomer homeowners believe they’d profit $100,000 or more if they sold today — the same percentage who bought their first home for under $100,000.
Clever Offers surveyed 1,000 adults born between 1946 and 1964 for the survey, which was conducted on July 18.
How many results came back out of the 1000? I mean 61% of how many people responded. If only 100 people responded, this survey could be misleading.
The fact is, whether or not they plan to sell is irrelevant. Many will simply age out or die in the next 10 years or so. Even the youngest Boomer will be 71 in 10 years.
Well…
People of all ages buy/sell homes for the same reasons: Change of job, family status,
financial circumstance; Changes in health/lifestyle, neighborhood desirability, and the preservation/distribution of assets for heirs.
Boomers and other property owners have every right and reason to manage/use their assets to their (legal) personal preference and financial best interest. That’s the point of ownership.
Note the elderly clients (101 & 94) who sold their long-held family home in January of this year. It’s been sitting empty & neglected the last 9 months as the developer waits until he’s ready to demo and build a luxury spec.
… “OH NO ! ”
Regardless of age, owners living legally in their own homes are not a problem.