The Baby Boomer generation is staying in their large suburban homes for far longer than previous generations, leading to increased housing competition for younger buyers.
CNBC reports that baby boomers currently own about 3.6 million unoccupied rooms in the U.S., but because of rising prices in the housing market it is often cheaper for them to stay put in their large homes than downsize to an urban apartment. About one third of baby boomers say they intend to age in place, according to a recent Freddie Mac survey, contributing to the country’s record low housing supply.
"I think the baby boomers are really struggling with the decision to downsize because there's not really great options for them to downsize to," said Brooke Heiberger, a real estate agent at Coldwell Banker in Bethesda, Maryland. "And for those who are willing to stay in the suburbs there's just not a style of home or viable option to allow them to age in place, so it's just easier to stay where they are in absence of being able to make a good decision."
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