Fifty-four percent of boomers who own their homes said they planned to live in them until they die, according to a new survey by Clever Real Estate.
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Don’t look to baby boomers as a potential source of inventory.
A recent Clever survey of over 300 members of that generational cohort found that more than half of those who currently own a home have no intention of ever selling it.
While the generation, generally defined as those born between 1946 and 1964, own a significant portion of properties in the U.S., they have proven reluctant to part ways with their homes in recent years. Instead, Clever found, 54 percent said they plan to continue aging in place.
Just 15 percent of those surveyed said they expected to sell their homes in the next five years despite the fact that 9 out of 10 have concerns about some aspect of homeownership, like maintenance and upkeep.
“Those waiting for the so-called ‘silver tsunami’ to upend the housing market with millions of boomer-owned homes coming up for sale may be waiting longer than they think,” Clever wrote in its report.
The findings are in line with other surveys that have found older Americans would prefer to age in place. Periodic surveys by AARP have shown that as many as three out of four Americans over the age of 50 would rather stay in their homes as they age.
It is the latest signal that inventory may remain historically low even while making some gains through the summer.
Redfin has previously reported that baby boomers own about 28 percent of all three-bedroom homes in the U.S. That’s twice as many large homes as millennials who have kids, the January report found.
Clever’s survey found that more than half of boomers surveyed said their home simply meets their current lifestyle needs. Forty percent said they wouldn’t sell because their mortgage was paid off, and 37 percent said they planned to leave their homes behind as an inheritance.
The survey found that rate-lock isn’t to blame for the freeze. Just 8 percent of respondents said they wouldn’t sell out of a fear of losing their current mortgage rates.
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