Most Baby Boomers Don’t Plan to Sell Their Homes

Baby Boomers make up the largest portion of homeowners in the U.S., leaving many housing industry experts wondering when they will begin selling their homes and what sort of impact it will have on the housing market when they do. However, recent research from Clever Real Estate shows that most are unlikely to ever sell their homes.

According to the survey, 61% of Boomer homeowners say they never plan to sell their home and intend to live in it the rest of their lives. This figure marks a seven percentage-point increase from the same time last year. Meanwhile, the share of Boomer homeowners who say they expect to sell in the next five years dropped from 15% to just 10%. 

Why don’t Boomers want to sell?

Most Baby Boomers have no reason to sell, with just 21% of survey respondents saying their needs have changed enough to test the market. Additionally, 49% say they are concerned about the rising costs of living in traditional retirement destinations.

There are a few reasons Boomers might choose to sell, according to the survey. The most pressing issue is health, with 57% of Boomer homeowners citing health concerns as a reason they might eventually sell their homes. Another 39% say they would sell if their homes became too difficult to manage, and 30% would reconsider due to the financial constraints of owning a home.

The first-time homebuyer age has changed drastically over the years

Helped by relatively lower home prices back in the day, Boomers were able to enter into homeownership at an earlier age than younger generations today. Nearly half of them (49%) say they were able to buy their first property before the age of 30, and 71% of current or former Boomer owners purchased a home by age 35.

Today, the average age of a first-time homebuyer is 38, as stubbornly high mortgage rates and other factors delay homeownership for Millenials and Gen Zers.

Still, Baby Boomers aren't immune to financial challenges 

• Aging in Place or Locked in Place?: Although many Boomer homeowners are choosing to stay in their homes, others feel locked in by unaffordability in the housing market. 
• Renting Grows in Popularity Among Older Generations: Amid elevated housing costs, the share of renters over 65 grew by 30% in the last 10 years.