Since the 2008 downturn, home ownership has decreased and has now settled at 63%. Baby
Boomers hold a high stake in this figure with a home ownership rate of 78%, compared to just 35% among Millennials.
Last year, Realtor.com conducted a survey showing that 85% of these Boomer
homeowners had no intention of selling their home in the coming year, while 59% of Millennials were planning a move. This created a stranglehold on national inventory and contributed to the sellers’ market, which is just now starting to soften.
Why are Baby Boomers deviating from the predictable path past generations have taken--to sell their home and downsize? With many of them working longer, feeling comfortable in their community, and free of mortgage debt due to long time ownership, they are choosing to stay.
Another factor is the high divorce rate for couples fifty and older. It’s doubled in the last 20
years and is expected to continue at that pace. Usually one party wants to stay in the home, at least until the dust settles and they have time to decide on next steps.
Read the entire report here. https://www.cbsnews.com/news/housings-big-problem-boomers-arent-downsizing/.
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