Seniors Staying Put Impacts Housing Supply
Aging in place is causing a housing shortage in the U.S., according to a new report from Freddie Mac. As more seniors stay in their homes, it creates a 2.5 million-unit capacity deficit for younger buyers seeking homes.
A trend of aging in place is connected to tightening inventory by the data: for people between the ages of 67 and 87, homeownership rates dropped by 11.6 percent for previous generations but only 3.6 percent for the current generation of seniors, according to a Reverse Mortgage Daily story.
Also, according to the report, accessibility to better healthcare and education is credited as “boosting and extending” housing demand among seniors, with the result being that the current senior generation has become much slower in transitioning out of home ownership than prior generations.