Baby Boomers have had a major influence on the U.S. housing market, affecting both the price and availability of homes. However, while some Boomers are aging out of the traditional housing market, their impact isn't going away just yet. A recent survey from Clever Real Estate, an online platform that helps match buyers with real estate agents, shows 54% of Baby Boomers who own their homes plan to stay there for the rest of their lives. Just 15% expect to sell within the next five years.
The decision to stay in their homes goes beyond money. Nearly 1 in 4 (22%) say they won’t move because of their emotional attachment to their home, while 1 in 5 (19%) don’t want to give up community ties and friendships.
However, not all the reasons for staying put are positive ones. A quarter (25%) say they wouldn’t be able to afford a new home, and 16% couldn’t pay the steep costs associated with an assisted living or retirement community.
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