1 in 3 Baby Boomers Have No Plans To Sell Their Home

According to a recent survey conducted by real estate firm Redfin, one in three baby boomers have no intention of ever selling their home.

The survey, which gathered responses from around 4,000 people across the United States, revealed that approximately 33.5% of participants said they plan to stay in their current home permanently. An additional 30% indicated they might sell eventually, but not for at least another ten years.

Around 67% of the baby boomers in the study had lived in their homes for at least 16 years. Fifty-five percent of baby boomers said they like their homes and have no reason to move, which is the most common reason they stayed.

Other common reasons included:

• Their home is almost or completely paid off: 30%
• Today’s home prices are too high: 16%
• They don’t want to give up a low mortgage rate: 8%

The trend may be contributing to limited housing options for a younger generation of buyers.

Housing costs have risen roughly 40% since before the pandemic, and mortgage rates are near 7%, up from about 4% pre-pandemic. Nearly 31%, or one-third, of baby boomers who own their homes admit they couldn’t afford a home in their neighborhood in today’s market.