Baby boomers aren’t budging. Not even an inch. In fact, most baby boomers are electing to continue blooming where they have been planted. Downsizing is not appealing to nearly seventy million Americans ages fifty-four to seventy-three who have decided not to allow the extra bedrooms to bother them.
Even more interesting is the fact that the senior boomer workforce is on the rise. Boomers are also still parenting as many enjoy the company of adult children who continue to reside with them. With housing inventory at an all-time low, it is no wonder that boomers are staying put. It seems to make sense. However, boomers are not to blame for the inventory shortage as affordability is a huge factor. In fact, boomers are renting in places where the shortage is most felt and homes are least affordable.
Related: “6 Signs it’s Time to Sell”
The common opinion of many urban developers and realtors alike is that a boomer downsize is inevitable. Boomers are suspected to be holding on until the market is “just right”, at which point the country could experience a massive increase in boomer real estate availability, but don’t hold your breath. The more cash necessary to secure a home, the fewer senior homes to hit the market.
Related: “Age Demographics & Market Value”
In the meantime, keep your eye on some major metropolitan cities which are likely on the verge of an inventory boom:
Knoxville, Tennessee – 66.4% of seniors have yet to downsize.
Colorado Springs, Colorado – 65.9% of seniors still reside in their original homestead.
Indianapolis-Carmel-Anderson, Indian – 65.2% of boomers haven’t budged.
Dayton, Ohio – 64.1% still holding on.
Columbia, South Carolina – 63.7% still going strong.
At the end of the day, downsizing estimates are probably understated.