An influx of houses may flood the market when Baby Boomers pass away, triggering what experts dubbed the “Silver Tsunami.” Zillow dug into which cities the wave will hit the hardest. Some retirement hubs such as Florida are no surprise, but knowing which areas will be affected most can give builders insight on the future landscape of the housing market.
The U.S. housing market will soon see a “Silver Tsunami.”
As baby boomers reach their golden years, a growing number of homeowners across the country will pass away. And with their passing, these seniors will leave behind millions of homes. And millions more boomers will choose to sell their homes as they downsize or move to retirement living facilities.
In the decade between 2007 and 2017, around 730,000 homes hit the market that were previously owned by seniors each year. But that number is expected to grow exponentially over the next couple decades. Between 2017 and 2027, 920,000 homes will be released into the market each year by people aged 60 or older, according to a new analysis from real-estate company Zillow ZG, -0.79% . By the decade between 2027 and 2037, the figure is project to hit 1.17 million homes a year.
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