Per ATX lender Joel Richardson, " Where are all the Baby Boomers’ Homes for Sale?"

 

Where are all the Baby Boomers’ Homes?

As Baby Boomers age (most are into their 70s), where is all that inventory? Conventional wisdom says they should be moving in droves to multi-family rentals (that’s code word for “assisted living”, “independent living”, “senior citizen homes”, etc). Quite the opposite is happening. The Census Bureau data reveals that homeownership in this age group is actually increasing!

 

In this very interesting study by Fannie Mae, it digs into this paradox, what’s going on and what the future holds for housing. Inevitably, this generation will be moving-on as they age. Read it here: https://www.fanniemae.com/media/20281/

 

Key Findings:

• 2022: Boomer account for 21% of the US population but 38% of homeowners.
• 2022-2035: estimated decline from 32mil to 23mil Boomer households
• 2028: possible reduction of 2.7mil Boomer households.
• 2035: possible decline if around 1mil Boomer households

 

Additional Insights:

• 2023: Two million potential Millenial households identified
• Next 5 Years: Increase in young adult ownership expected to offset Boomer decline. (this would be younger Millenial and Gen Z buyers)

 

Hope this helps you work with your clients, and of course, if I can assist with any questions or buyers’ needs, please contact me.

 

Thanks!
Joel

 

 

Joel Richardson​​​​ SVP ‑ Central Texas Mortgage Manager, Austin VeraBank, N.A. P: 512-222-0140   EXT. 7740  |  877-566-2621  M: 512-203-8244 E: jrichardson@verabank.com  |  W: myfinanceteam.com A: 1111 W. 6th Street, Bldg B, Suite 200 ,  Austin ,  Texas   78703 NMLS # 136881 This electronic message, including any attachments, is intended only for the use of the individual or entity to  ​which it is addressed and may contain information that is confidential and/or legally privileged. IF YOU ARE NOT  ​THE INTENDED RECIPIENT, OR AN EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE COMMUNICATION  TO THE INTENDED RECIPIENT, BE AWARE THAT ANY REVIEW, DISCLOSURE, COPYING, PRINTING, DISTRIBU‑ ​TION OR USE OF THE CONTENTS OR ATTACHMENTS CONTAINED HEREIN IS STRICTLY PROHIBITED. If you have ​received this electronic transmission in error, please notify me by telephone (903) 657‑8521 or by returning the  ​transmission via electronic mail immediately and permanently delete the message from your system(s).