A growing number of Americans plan to age in place rather than move to an assisted living or senior living facility, which will leave an inventory shortage.
WASHINGTON – A 2021 AARP survey found that 77% of Americans over age 50 plan to remain in their current home, rather than move to a senior living facility, assisted living community or move in with family.
As more older Americans choose to age in place, the housing market is expected to see less inventory for new home buyers. U.S. Census Bureau data show that while the number of Americans over age 55 that owned homes increased to 54.2%, the percentage of homeowners under age 35 remained steady and the percentage of homeowners between age 35 and 54 declined to 33.8% between 2008 and 2021.
For 2022, age 55 and older homeowners declined to 53.6%, homeowners under 35 was 12.2% and homeowners between age 35 and 54 totaled 34.2%, which were modest increases.
Baby boomers between age 58 and 76 in 2022 accounted for 38% of homeowners, even though they account for just 20% of the U.S. population. Baby boomers who own homes also dominate housing markets in warmer areas, including Tampa-St. Petersburg-Clearwater, FL (40.0%) and Miami-Fort Lauderdale-West Palm Beach, FL (38.9%).
Source: Pasco News Online (01/24/24)
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