Despite seeing home equity soar in recent years, many Baby Boomers likely will not be selling their homes anytime soon. Boomers may be benefiting from rising property values, but they now face difficulties finding affordable, accessible homes suited to aging, such as single-story layouts or properties in walkable, transit-friendly neighborhoods that help reduce isolation and improve mobility, according to Business Insider. In fact, just 4% of homes in the U.S. are suitable for those with mobility issues.
An ongoing housing shortage, along with rising mortgage rates and home prices, is partially to blame for Baby Boomers not wanting to sell. Additionally, some homeowners are resistant to the idea of living in denser housing developments, which has contributed to restrictive zoning in some areas, and that only serves to worsen the housing shortage.
With mortgage rates and housing costs high and inventory scarce, many older people are staying put. Nearly 80% of home-owning baby boomers recently surveyed by Redfin said they were planning to age in their current home. And as of 2022, empty-nest boomers owned twice as many homes with three or more bedrooms as millennials with kids. While some boomers simply don't want to downsize or move, others can't afford it or don't have any feasible options. Read more