The Silent Generation and Baby Boomers are sitting on a whopping $13.5 trillion worth of home inventory, but aging Boomers are expected to trigger a large exodus from the housing market in upcoming years.
Fannie Mae indicated that Baby Boomers currently inhabit 32 million owner-occupied homes, which accounts for 40% of homeowners in the United States. Notably, Baby Boomer life expectancy has increased, but instead of “aging in place,” a growing percentage are abandoning homeownership and renting.
In May, the National Association of Home Builders reported that home sales to homebuyers over the age of 55 fell an astonishing nine points.
The U.S. Census Bureau attributed the decrease in senior homeownership to factors like changing lifestyles, housing crash backlash or an inability to downsize due to lack of affordable homes.
The number of Baby Boomers exiting the housing market is only expected to increase, spurring fears of a bursting “generational housing bubble” in which Millennial homeownership demand cannot fill…