Redfin Survey

More Than Three-Quarters of Baby Boomers Plan to Stay In Their Home As They Grow Older - Seite 2

Older Americans are staying put because it makes financial sense

Baby boomers are holding onto their homes largely because there’s not much financial incentive to let go of them. Most (54%) boomers who own homes have no mortgage, and for those who do have a mortgage, nearly all have a much lower interest rate than they would if they sold and bought a new home. Tax systems in some states, like California and Texas, also make it financially beneficial for people to stay in their homes as they age. And with medical and tech advancements, it’s increasingly possible for people to stay in their homes as they get older.

“Older Americans are aging in place because it makes financial sense, but also because it’s human nature to avoid thinking about challenging scenarios such as needing help as you get older,” said Redfin Chief Economist Daryl Fairweather. “In reality, many homeowners and renters will need to move somewhere that better meets their needs as they age, like a senior-living community or a one-story home in an accessible neighborhood. But the government isn’t prioritizing building housing for seniors, which is further encouraging older Americans to stay put, exacerbating the inventory shortage. Politicians should focus on expanding housing stock that meets the needs of older Americans, which could help with housing affordability and availability for all.”

More than half (51%) of baby boomers who aren’t planning to sell their home anytime soon say it’s because they like their home and have no reason to move, according to the same Redfin survey. More than a quarter (27%) say it’s because their home is completely or almost paid off, and roughly one in five (21%) are staying put because home prices are now too high.

To view the full report, including charts and a detailed methodology, please visit: https://www.redfin.com/news/baby-boomers-aging-in-place

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