Homeownership has long been a cornerstone of the American dream. But first-time home buyers, especially millennials, are facing an uphill battle when it comes to house hunting. This is in part because of a growing trend in which baby boomers, the generation that owns the largest share of American homes, are planning to stay put rather than downsize or move into alternative living arrangements.In fact, a 2024 survey conducted by Redfin found that 78% of Americans over the age of 60 want to remain in their current home. This decision, driven by factors such as comfort, community ties, and financial stability, is contributing to a significant decrease in housing inventory available for first-time buyers. As a result, younger generations face more limited options, higher home prices, and increased competition for the few homes that do hit the market...
Ken Notes: This is an issue because we are not building alternatives that they like. Today`s boomers are NOT yesterdays seniors.
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- - Volume: 25 - WEEK: 3 Date: 1/17/2025 2:58:12 PM -