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How Baby Boomers Are Affecting the Housing Market

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Are You Planning on Giving Up Your Home in the Next 20 Years?

If you’re like many Baby Boomers these days, the idea of giving up your home might sound painful but inevitable. As you get older, you might have to consider downsizing your property or moving to a rental if upkeep and maintenance become too much of a burden, or you might have to think about moving to an assisted living community where you’ll have fast access to medical care. Regardless of when you decide to leave your home, you’ll be one of many Baby Boomers getting ready to say goodbye to home ownership, which is likely to have an enormous effect on the housing market. Learn more about how your generation is going to shakeup the real estate industry.

 

The Reason to Sell

Baby Boomers currently account for 25% of all homeowners in the U.S., but those numbers are likely to change in the years to come. You might find that taking care of your home and getting around the property can be challenging, especially if you live in a larger home with several floors and multiple staircases. Getting around the community might also prove difficult if you’re reaching an age where driving around town can be a challenge. Health issues can also affect your ability to own a home, forcing you to move into an assisted living facility where you can receive the care you need.

Moving to a smaller home or a rental property might resolve some of the issues. You’ll be able to take care of your property and move around the space more easily. Having an abundance of space or living in a remote area might have seemed like a good idea when you first moved in, but this might not be an option several years down the line.

 

How the Market Will React

With over 25% of the home-owning population getting ready to put their homes on the market, real estate analysts are expecting a sudden boost in the available homes for sale over the next 20 years. Studies estimate that between 10.5 million and 11.9 million older owners will end their ownership status from 2016 to 2026. And between 2026 and 2036, another 13.1 million to 14.6 million will do the same. With Baby Boomers representing such a large share of current population, any decisions your generation makes regarding real estate is bound to have a sizeable effect on the industry.

Yet, today the opposite is true. Many homeowners of all ages are unwilling to give up their home because there are simply too few homes on the market. This has led to a surge in home remodeling as homeowners find other ways to improve their living situation. If Baby Boomers start selling off their homes in droves over the next few years, it might prove beneficial to younger homeowners or millennials looking to buy their first piece of property.

 

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