Summary
The housing market might change significantly by the end of the decade as a large portion of homeowners age. The CEO of Reventure app predicts that many older homeowners will sell their houses, increasing the number of homes for sale. However, some experts doubt this will cause a sudden change in the market.
Key Facts
- The CEO of Reventure, Nick Gerli, said 14% of U.S. homeowners are over 75 years old.
- In 2005, 8.5 million homeowners were over 75, which rose to 12.5 million now.
- Gerli predicts that by 2029-2030, more homes will be for sale as these homeowners move out.
- Areas like Hawaii and Florida have high percentages of older homeowners.
- In Hawaii, 21.5% of homeowners are over 75; in Florida, it's 18.7%.
- Some experts, like Michael Ryan, question if the market will "flip" and suggest changes may occur gradually.
- Ryan noted that older people are still major home buyers.
- Some believe changes in the housing market will be due to interest rates and the economy rather than just shifting demographics.
