About a third of baby boomers who own their homes don’t expect to ever part with them, according to a new poll.
The survey, which was conducted by Ipsos last month for nationwide real estate company Redfin, found that another 30 percent of the post-World War II generation said they might sell at some point — just not within the next decade.
Comparatively, about a quarter of homeowners who are part of Gen X — loosely defined as people born between 1965 and 1980 — say they will never sell their homes. About 20 percent of Millennials and the Gen Z cohort who own homes said they will never sell.
According to Redfin, the tendency among older Americans to stay in the homes they own is putting additional stress on the housing market and making it more difficult for younger people to find affordable places to buy that are fit to raise families. Nearly 90 percent of the boomer-owned dwellings are single-family homes.
“While inventory is improving, supply is tight for young house hunters looking for family homes, especially in suburban areas where homes priced like starter homes, yet large enough for families, are scarce,” Redfin chief economist Daryl Fairweather said in an analysis of the poll’s findings. “With baby boomers opting to age in place rather than sell, it’s challenging for younger buyers to find affordable options that fit their lifestyle.”
“But it’s worth noting that even though many older Americans say they’re not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and/or keep up with home maintenance,” he added.
The survey included responses from about 4,000 U.S. residents across the country.
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