{"id":3806,"date":"2023-10-20T21:00:12","date_gmt":"2023-10-20T21:00:12","guid":{"rendered":"https:\/\/infundpros.com\/finance\/when-boomers-age-out-of-their-homes-this-is-who-will-benefit-the-most-its-not-their-children\/"},"modified":"2023-10-20T21:00:13","modified_gmt":"2023-10-20T21:00:13","slug":"when-boomers-age-out-of-their-homes-this-is-who-will-benefit-the-most-its-not-their-children","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3806","title":{"rendered":"When boomers \u2018age out\u2019 of their homes, this is who will benefit the most. It\u2019s not their children."},"content":{"rendered":"
\n

As baby boomers age out of their homes over the next decade, a steady supply of houses will hit the market. Who\u2019s in line to reap the benefits? The answer may surprise you. The biggest beneficiaries will not be the generations closest in age to the boomers, but their younger counterparts: the Gen Z demographic, one economist said.<\/p>\n

Baby boomers \u2014 generally considered to be between the ages of 59 and 77 \u2014 are the demographic that\u2019s currently dominating home buying, making up 39% of home buyers, while Gen Z only makes up 4%.\u00a0<\/p>\n

\n

As boomers age and move to more senior-friendly housing, or pass away, their homes will be freed up. But since that process will likely take up to a decade, millennials \u2014 who are coming into their prime home-buying years now \u2014 will likely miss out on the so-called silver tsunami of homes hitting the market, Mark Fleming, chief economist at First American, told MarketWatch in an interview at the Mortgage Bankers\u2019 Association\u2019s annual conference in Philadelphia, Pa.\u00a0<\/p>\n

The U.S. housing market today is facing a shortage of homes as homeowners hold out selling their current homes so they can hang onto mortgages with ultra-low rates. A lack of inventory is pushing home prices up, which alongside 30-year mortgage rates inching closer to 8%, is straining buying power.<\/p>\n

Aging boomers may be a source of supply \u2014\u00a0but only in the longer-term.<\/p>\n

\u201cThat aging out will begin to pick up pace as baby boomers get into their 70s or 80s,\u201d Fleming said. \u201cIt will be a big source of supply, maybe not in the next five or 10 years but in the next decade.\u201d<\/p>\n

\u201cAmerica is growing older, with baby boomer homeowners totaling 32 million as of 2019 and increasingly becoming a larger source of existing homes for sale \u2014 4.4 million units annually \u2014 as they transition to other housing options or pass away,\u201d Gary V. Engelhardt, professor of economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University, said in a report.<\/p>\n

So \u201cwe have a sort of a generational mismatch,\u201d Fleming said. \u201cWhat would have been more ideal would have been if baby boomers aged out earlier to be a source of supply for their own children.\u201d\u00a0<\/p>\n

Millennials, generally considered to be those born between 1981 and 1996, are now 27 to 42 years old. The Gen Z generation is considered to be people age 11 to 27. Gen X \u2014 people age 43 to 58 \u2014 is in the mix too, but because it\u2019s a smaller generation, \u201cit makes much less of a demographic difference in housing,\u201d Fleming noted.<\/p>\n

These are the cities where the \u2018silver tsunami\u2019 will create housing inventory<\/strong><\/h2>\n

The cities most likely to see the biggest effects from homeowners aging out include retirement hubs like Miami, Orlando, Tampa, and Tucson, as well as places where young residents have left such as Cleveland, Dayton, Knoxville, and Pittsburgh, according to data from Zillow from 2019.<\/p>\n

For members of Gen Z keeping a watchful eye out for boomers aging out of their Florida homes, Zillow\u2019s senior economist Jeff Tucker had one key piece of advice.<\/p>\n

\u201cRapidly rising insurance and maintenance costs, as well as declining availability of homeowners\u2019 insurance, are adding a one-two punch on top of higher housing costs there,\u201d he explained.<\/p>\n

\u201cMore flooding and extreme weather events in 15 to 20 years could exacerbate those problems, especially for folks who can\u2019t afford major weatherproofing projects and high insurance costs,\u201d he added.<\/p>\n

The silver tsunami comes with some caveats<\/h2>\n

Tucker also said that he\u2019s not as enthusiastic about older homeowners being a viable source of housing supply because of where their homes are.<\/p>\n

\u201cBroadly, yes the silver tsunami is likely to help ease the inventory crunch, but with some big caveats: One is that the locations of homes likely to come to market in the silver tsunami are a bit out of sync with recent migration trends,\u201d Tucker said.\u00a0<\/p>\n

Many of the homes that boomers will leave are in \u201cmarkets that have had weak or declining population growth for at least a generation,\u201d such as the Northeast or the Midwest, he added. \u201cThat won\u2019t help affordability in many of the major markets where affordability is the tightest.\u201d<\/p>\n

Nonetheless, if remote work persists, some affordable real-estate markets in those regions could become more attractive to home buyers, and so \u201cdemand and supply may be a closer match than it currently appears,\u201d Tucker said.\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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