Although housing inventory may be slim these days, Zillow says it expects for Baby Boomers to open the housing market back up as they vacate their homes.
About a third of homes in the U.S. are owned by those who are 60 and older. In the 2020s and 2030s, Zillow expects this generation will create a "Silver Tsunami," allowing for more homes on the market as they move out of those homes.
OK Boomer. According to Chase, 76% of Baby Boomers own their own homes.
Between 2007 and 2017, Zillow says nearly 730,000 U.S. homes were released back into the market each year by seniors age 60 or older. From 2017 to 2027, that number is expected to rise to 920,000 and 1.17 million per year, respectively.
Housing released by the "Silver Tsunami" is expected to reach as many as 20 million units.
It's become more popular for Boomers to stay put, get a roommate and or even downsize to be able to afford housing, all to be able to age in place.
Boomers have created what seems like a gridlock in the housing market by staying in place, but that could begin easing soon.
The U.S. housing market will soon see a "Silver Tsunami."
As baby boomers reach their golden years, a growing number of homeowners across the country will pass away. And with their passing, these seniors will leave behind millions of homes. And millions more boomers will choose to sell their homes as they downsize or move to retirement living facilities.
Housing released by aging Boomers will provide a substantial and sustained boost to supply.
The Boomer generation, 76 million strong in the U.S., dwarfed the 55 million Gen-Xers and 62 million Millennials it immediately preceded.