Homeownership has long been considered part of the American dream. But first-time home buyers, especially millennials and Gen Xers, are facing an uphill battle when it comes to house hunting. This is in part because of a growing trend in which baby boomers, the generation that owns the largest share of American homes, are planning to stay put. In fact, a 2021 survey conducted by AARP found that 77% of Americans over the age of 50 would prefer to remain in their current home—rather than move in with family, to a nursing home, or to an assisted living facility—which is leading to less inventory for new buyers.
Composition of Homeownership by Age
kAmk6>mp>6C:42?D dd J62CD 2?5 @=56C @H? E96 >2;@C:EJ @7 &]$] 9@>6Dk^6>mk^Am
k7:8FC6mk:>8 H:5E9lQ`__TQ DC4lQ9EEADi^^5`IfB;dC=9a6`h]4=@F57C@?E]?6E^HA4@?E6?E^FA=@25D^a_ac^_`^`d`fbc`d^r92CE`0p>6C:42?DddJ62CD2?5@=56C@H?E96>2;@C:EJ@7&$9@>6D]A?8Q ^mk^7:8FC6m
kAm$@FC46i r@?DECF4E:@? r@G6C286 2?2=JD:D @7 &]$] r6?DFD qFC62FVD rFCC6?E !@AF=2E:@? $FCG6J 52E2 M x>286 rC65:Ei r@?DECF4E:@? r@G6C286k^Am
kAmp44@C5:?8 E@ E96 &]$] r6?DFD qFC62F[ E96 D92C6 @7 9@>6@H?6CD @G6C E96 286 @7 dd 92D 366? DE625:=J :?4C62D:?8] x? a__g[ 2E E96 @?D6E @7 E96 vC62E #646DD:@?[ p>6C:42?D @G6C E96 286 @7 dd @H?65 cc]bT @7 9@>6D] qJ a_a`[ E92E A6C46?E286 925 :?4C62D65 E@ dc]aT] (9:=6 E96 D92C6 @7 9@>6@H?6CD F?56C E96 286 @7 bd C6>2:?65 72:C=J DE625J H:E9:? E96 D2>6 E:>6 DA2?[ E96 D92C6 @7 9@>6@H?6CD 36EH66? E96 286D @7 bd 2?5 dc 564C62D65 7C@> ca]bT E@ bb]gT] w@H6G6C[ 😕 a_aa[ E96 dd2?5@=56C 4@9@CE 46565 2 3:E @7 9@>6@H?6CD9:A D92C6—564C62D:?8 E@ db]eT H9:=6 9@>6@H?6CD F?56C bd W`a]aTX 2?5 bd–dc Wbc]aTX D2H >@56DE :?4C62D6D]k^Am
k9bmv6@8C2A9:4 s:776C6?46D 😕 q23J q@@>6C w@>6@H?6CD9:Ak^9bm
kAmk6>m$E2E6D 😕 E96 }@CE962DE 92G6 E96 =2C86DE D92C6 @7 9@>6D @H?65 3J 323J 3@@>6CDk^6>mk^Am
k7:8FC6mk:>8 H:5E9lQ`__TQ…
Read the full article here
