📢Listen up, millennials!
💐Baby boomers currently make up 46 million of today's homeowners and by the year 2026 at least 10.5 million of those aging homeowners will turn in their keys...permanently.
⚰️Not to make too much light of the situation but this YUGE group of people will make an even bigger impact on our housing market when they no longer need their homes.
🪦So, Let's take a look at how this “changing of the guard” impacts the housing market.
Here’s Five Fast Facts:
- 🏡 Surplus Season - By 2023, we’ll have a surplus of nearly 250,000 homes on the market every year! This will lead to reduced home prices and less demand for new construction projects. Good news: if you can hang on just a bit longer… houses should be much more affordable.
- 🧓 Surf's Up - Some experts are referring to this phenomenon as the "Silver Tsunami." Which also happens to be the name of the nursing home we’re starting for aging super hunks.
- 🥳 Party At Nana's - Speaking of silver super hunks and your widowed grandma’s nightlife, senior housing facilities are on the rebound after a tough few years of pandemic hardships when the number of residents dropped 6.2%. They're still not yet a pre-Covid occupancy levels, but they're well on their way.
- 📉 It's Goin' Down - Home sales are down 16% from a year ago, the biggest decrease since May 2020. Inflation and our uncertain economy is also causing people to back out of housing deals because they can't afford the mortgage.
- 🪂 Hang On a Minute - To soften the effects of this huge change in homeownership, experts suggest providing aging adults with home improvement financing and social services. This could encourage Boomers to postpone their moving plans.
🔥Bottom line: The aging Baby Boomer generation is having a major impact on the housing market and could create a ton of opportunities across the board. Millennials might finally be able to get into their dream home as prices decrease. And maybe, just maybe, it will come with a ton of built-in shelving for all those participation trophies. 🏆
Planning on snatching up a home anytime soon? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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