Map Shows Where Baby Boomers Hold Most Real Estate
Summary
Older Americans own about one-third of the houses in the U.S., especially in warm coastal areas like Florida and Arizona. As many plan to sell or pass on their homes, younger generations may not want to live in all these places, which could affect local housing markets.Key Facts
- Americans over 65 make up 18% of the U.S. population but own around 33% of all housing units (about 29.6 million homes).
- Most older homeowners live in warm or coastal areas, with Florida having 7 of the top 10 metro areas with the highest share of older homeowners.
- The metro area Wildwood-The Villages in Florida has the highest share of homes owned by people over 65, at 68.2%.
- Younger people might not want to move into many areas where older homeowners live because of fewer job opportunities and higher costs.
- The transfer of wealth and property from older generations to younger ones is called the “Great Wealth Transfer,” expected to be worth up to $124 trillion by 2048.
- Some areas with many older homeowners face risks of too many homes being for sale if younger people do not move in, causing a housing surplus.
- Large cities like New York and Los Angeles have strong housing demand from younger people, but older Americans own fewer homes there, so their selling won’t greatly affect the market.
- Some cities like Raleigh have a good mix of older and younger residents, which might balance housing demand better.
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