Redfin Survey: More Than Three-Quarters of Baby Boomers Plan to Stay In Their Home As They Grow Older
02 4월 2024 - 9:00PM
Business Wire
Older Americans who own their home are staying
put largely because they’re financially incentivized to do so. It’s
contributing to the shortage of homes for sale
(NASDAQ: RDFN) — More than three-quarters (78%) of older
American homeowners plan to stay in their current home as they age,
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage. Redfin asked baby boomers
in a recent survey what they anticipate their living situation to
be as they grow older, and staying in their current home is by far
the most common aging plan for older homeowners.
The next most common plan is moving to a 55+ community; one in
five (20%) baby boomers are considering moving into a 55+ community
or have already done so. Next comes moving in with adult children,
with 10% of baby boomers citing that as a possible plan, and moving
to an assisted-living facility (10%). Those are followed by moving
in with friends (6%).
These responses are based on a Redfin-commissioned survey
conducted by Qualtrics in February 2024. The nationally
representative survey was fielded to roughly 3,000 U.S. homeowners
and renters. The results from baby boomers who rent their home are
similar to the results for homeowners noted in Redfin’s report.
Aging in place is already contributing to the housing
shortage, and is likely to continue doing so
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.
Baby boomers staying put is one reason young Americans are
having a hard time finding a family home, according to a separate
Redfin analysis. It found that empty-nest baby boomers own 28% of
three-bedroom-plus U.S. homes, while millennials with kids own just
14%. Baby boomers have an outsized impact on the housing market
because they’re most likely to own homes: Nearly 80% of boomers own
the home they live in, compared to 55% of millennials.
Another Redfin analysis found that older Americans staying in
their homes is already a driving force behind increasing homeowner
tenure and the lack of homes for sale: More than half of baby
boomers have lived in their home for over 10 years. Low inventory
pushes home prices up, exacerbating the housing affordability
problem in this country.
Older Americans are staying put because it makes financial
sense
Baby boomers are holding onto their homes largely because
there’s not much financial incentive to let go of them. Most (54%)
boomers who own homes have no mortgage, and for those who do have a
mortgage, nearly all have a much lower interest rate than they
would if they sold and bought a new home. Tax systems in some
states, like California and Texas, also make it financially
beneficial for people to stay in their homes as they age. And with
medical and tech advancements, it’s increasingly possible for
people to stay in their homes as they get older.
“Older Americans are aging in place because it makes financial
sense, but also because it’s human nature to avoid thinking about
challenging scenarios such as needing help as you get older,” said
Redfin Chief Economist Daryl Fairweather. “In reality, many
homeowners and renters will need to move somewhere that better
meets their needs as they age, like a senior-living community or a
one-story home in an accessible neighborhood. But the government
isn’t prioritizing building housing for seniors, which is further
encouraging older Americans to stay put, exacerbating the inventory
shortage. Politicians should focus on expanding housing stock that
meets the needs of older Americans, which could help with housing
affordability and availability for all.”
More than half (51%) of baby boomers who aren’t planning to sell
their home anytime soon say it’s because they like their home and
have no reason to move, according to the same Redfin survey. More
than a quarter (27%) say it’s because their home is completely or
almost paid off, and roughly one in five (21%) are staying put
because home prices are now too high.
To view the full report, including charts and a detailed
methodology, please visit:
https://www.redfin.com/news/baby-boomers-aging-in-place
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240402692451/en/
Redfin Journalist Services: Angela Cherry, 913-638-8249
press@redfin.com
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