Low Inventory: How Seniors Are Affecting The Housing Market, Part 1
It’s no secret the U.S. is currently in the middle of a housing inventory problem. A part of this problem is that, while new generations are entering the housing market, other generations have yet to leave it.
In years past, older generations of Americans would downsize into smaller homes as they age. For instance, rather than living in a single-family home, they might choose to move into an apartment or multifamily homes.
Yet, today, many baby boomers are choosing to stay in their single-family homes rather their choosing to downsize.
Why are baby boomers staying in single-family homes?
Baby boomers are those born between 1945 and 1964, making them the largest generation. And although many baby boomers aren’t seniors, the majority are either retired or entering their retiring years.
Compared to previous generations, though, baby boomers have different lifestyle preferences and issues. For instance, many baby boomers are still working rather than retiring and others are choosing to hold onto their homes while waiting for the right time to sell them.
What’s more, baby boomers also still have younger generations living with them, making their homes a better option to have compared to an apartment.
How are seniors affecting the housing market?
Although baby boomers aren’t to blame for the low inventory of housing in the U.S. (a lack of downsizing is only one factor among many), seniors are still affecting the housing market.
As mentioned above, baby boomers may be living with younger generations and are choosing to continue living in their single-family homes. Yet, 83.4% of seniors live by themselves without younger generations in the home.
Additionally, seniors have two or more bedrooms than they have per person living in the home. Homeowners who are age 65 or younger have just one extra bedroom.
Stay tuned for part two where we’ll discuss other reasons for the low inventory of housing the U.S. and what you can do to find the right home for you.
Until then, consider opting for a new construction home rather than waiting for an older home to have everything you want and need.
On the hunt for newly built homes in Texas?
In 2017, millennials made up 33% of the home-buying population. Still, it can be difficult to purchase a home when there’s a low inventory. Luckily, newly built homes in Texas are a great alternative.
Whether you’re looking for new construction houses in Fort Worth, Dallas, or Houston, Camden Homes has many model homes for you to check out and choose from. To learn more about our newly built homes in Texas, contact Camden Homes today.