When a distinct group of 25 million people say they play to move, the housing industry has to listen. This means that the aging Baby Boomer generation represents a large piece of the future of homebuying.
Dave Lowman, of Freedie Mac’s Executive Perspectives blog, looked at the results of a survey of 4,900 homeowners ages 55 and older. Respondents were asked about their financial confidence and housing plans.
After combining the survey results with population data, Lowman estimated that 25 million people ages 55 and older are planning to move at least one more time in their lives, with nine million of them looking to move within the next four years.
Some of the strategies that can be used to address upcoming housing needs include providing flexibility to use retirement accounts as monthly income, making it easier to originate and sell condo loans, and reaching out to lenders to improve mortgage offerings.