A new survey published by Redfin (NASDAQ: RDFN) has found one-third (33.5%) of baby boomers who own their home declaring that they’ll never sell their property, while another 30% say they will eventually sell their home but not within the next decade.
Older homeowners were less likely to sell, with nearly half (44.6%) of Silent Generation members declaring they would never list their residences. On the flip side, only 25% of Gen Xers and 21% of millennial/Gen Zers vowed that they’ll never sell.
Roughly two-thirds (67%) of baby boomer homeowners have lived in their home for 16-plus years, with more than half (55%) saying they like their home and have no reason to move. The next-most common reasons for not moving were financial: 30% said their home is almost or completely paid off, 16% said today’s home prices are too high, and 8% don’t want to give up their low mortgage rate.
“While inventory is improving, supply is tight for young house hunters looking for family homes, especially in suburban areas where homes priced like starter homes—yet large enough for families—are scarce,” said Redfin Chief Economist Daryl Fairweather. “With baby boomers opting to age in place rather than sell, it’s challenging for younger buyers to find affordable options that fit their lifestyle. But it’s worth noting that even though many older Americans say they’re not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and/or keep up with home maintenance.”
The Redfin-commissioned survey was conducted last month by Ipsos, which polled roughly 4,000 adults.
reason to sell for myself, a baby boomer, is to downsize.
Yes they will. They will not be able to maintain their homes after a certain age. And they WILL drop those prices.
We see desirable, established neighborhoods with older homeowners who have maintained their homes for decades, sell/move to downsize or they can no longer maintain their homes. Younger property owners move in to these neighborhoods and a large majority of them do not maintain their homes. Landscaping goes to hell, multiple vehicles out in the street, junk in the yards. Younger generations are clueless; most have never mowed a lawn. There should be a homeownership class before closing.
You are so right – these younger generations are totally clueless – they have not the slightest idea howto maintain a home or even the interest – why bother making the investment if you’re just going to run into the ground and ruin the neighborhood – selfish & entitled ignorance in this generation
Interesting spin that this article serves to ‘blame’ the housing shortage on a group of homeowners in a certain age group. Where’s the mention of the ferocious grab from corporations of those affordable starter homes in 2020-22. That’s the real reason these homes are not available.Why would a home owner trade a 2.5 For 7.0 . This article paints a cruel /selfiish picture that Boomers are old and pretty soon they’ll die or can’t handle their home. You may have to wait much longer last of the Boomers are just reaching their 60’s, looking better and healthier than previous group. My mother told me be careful digging a grave for someone else… you may fall in! Better at this point to create new affordable opportunities.