A new report from Redfin says that more Baby Boomers are staying put in their homes, versus downsizing and selling. In fact, they found that over than three-quarters (78%) of older American homeowners plan to stay in their current home as they age – which they say is the most common aging plan for older homeowners. This in turn is a contributor to the to the current shortage of homes for sale. Their data came from a Redfin-commissioned survey of 3k U.S. homeowners and renters conducted by Qualtrics in February 2024.
“The fact that the vast majority of baby boomer homeowners plan to age in place could prolong the shortage of homes for sale. Inventory is sitting at historically low levels (though new listings have started climbing in recent months) in large part because homeowners who scored ultra low mortgage rates during the pandemic are staying put to avoid taking on a new rate at today’s elevated levels. Many of those homeowners are baby boomers.”
Click here to read the full report at Redfin.
