How Today’s Retirees Are Thwarting ‘Silver Tsunami’ Predictions

While many Americans in younger generations say it’s not feasible to purchase a home, a majority of baby boomers currently own their homes. And since so many of them aren’t interested in selling them, forecasts of a so-called “silver tsunami” of houses going on the market seem to have been premature at best.

Boomers by the numbers

It was only five years ago that realty platform Zillow issued its prediction that the market would soon become inundated with homes being sold by aging baby boomers. At that time, analysts thought more than one-fourth of all homes occupied by their owners would be on the market by 2037.

Since then, however, there’s been little change in the trendlines. And the reason appears to be that boomers, by and large, just aren’t keen on the idea of selling their homes.

• More than three-fifths of all boomers are currently homeowners.
• Just over half of that group say they want to live the rest of their lives in their homes.
• A scant 15% say they could possibly sell their homes within five years.
• Another 15% might sell somewhere between five and 10 years from now.

Aging in place

Determined to remain independent into their golden years, a larger number of boomers say they want to stay in their homes as long as they can. It’s called “aging in place,” and those who are practicing it say it can provide a sense of financial security and independence.

But those boomers who are thinking about selling their homes, there are some compelling reasons. A whopping 90% of the older homeowners in one survey said they were concerned about being able to take care of home repairs.

And among those planning to sell, about two-thirds say they expect to rake in profits of more than $100,000.

Chris Agee September 14th, 2024

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