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With Aging Boomers, Comes More Listings

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“Sometimes, before we can usher in the new, the old must be put to rest.” Those are the wise words from a wise old man named Qyburn in a fictional world. Google the quote to learn where it’s from. In essence, it is rephrasing the age-old idiom of "out with the old and in with the new." So is the case in real estate. Over the next 20 years we will see a storm of homes popping up in the market as the baby boomer generation ages. This will cause a ripple affect to the local economies in traditional retirement areas. 

According to Zillow, the boomer generation, once 76 million strong in the U.S., dwarfed the 55 million Gen-Xers and 62 million millennials it preceded. These days, people 60 years old and older are in possession of about a third of America’s homes, but their aging will impact the housing market in a large way. 

Studies are calling it a “Silver Tsunami” of sellers and it will occur during the 2020s and well into the 2030s. From 2007 to 2017, roughly 730,000 U.S. homes were released into the market each year by seniors aged 60 or older. From 2017 to 2027 and from 2027 to 2037, that number is set to rise to 920,000 and 1.17 million per year, respectively. This means more than 27% of today’s owner-occupied homes will become available by 2037.

But who will feel the largest impact? It’s projected to be retirement hubs like Florida and Arizona, where these said baby boomers are living out their days. If less people are deciding not to retire in these areas, they might end up with an abundance of housing. Areas like the Rust Belt which sees the youth moving away, leaving older generations, will also be affected. 

Areas that won’t see as much of a blowback will be those like Salt Lake City, where not as many homeowners are baby boomers. The same goes for Atlanta, Austin, Dallas and Houston which have include vibrant and gentrified areas where younger residents are moving in. 

It is also projected that the construction industry will begin to gentrify and update existing properties instead of building from the ground up. This will happen within the next 20 years. Are you ready to witness it first hand?

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CONTACT

  • Lydia Eskenazi PA

    Director of Real Estate Sales
    Harding Realty, Inc.

  • TELEPHONE

    +1 (305) 785-0440 Direct
    (305) 682-9051 Fax

  • OUR LOCATION

    9473 Harding Avenue
    Surfside, FL 33154

Real Estate For Sale
Real Estate For Sale
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