Significant reports indicate that the elderly population will reach exceptional heights in the following decades. By 2035, one-third of homeowners will be older adults. Many individuals know that 10,000 baby boomers turning 65 every day is nothing new.
According to Harvard University’s Joint Center for Housing Studies (JCHS), by 2035, older adults aged 65 and over will account for one-third of all U.S. homeowners.
JCHS performs annual research that provides a picture of the US housing market. During the second quarter of 2018, experts discussed several ways in which the older population will significantly impact the market for many decades to come.
Older Adults 65 and over now account for around one-fourth of all households in the United States. This is a considerable rise over the previous ten years of data. Analysts estimate this trend to reach one in every three older households by 2035. This is an increase of 7 million older households.
The JCHS has acknowledged that the baby-boom generation is so much bigger than the preceding generation. The aging of the US population has also increased the number of older households.
Senior homeownership has been steadily increasing since 1987. This trend is proving difficult for millennials attempting to buy homes and establish kids later in life.
According to JCHS data, younger generations are relocating and buying less, whereas older generations stay put rather than downsize. This shift puts the United States on a course to face new housing needs, obstacles, and stress over the next two decades.
Millennials wait to be more stable and settled before purchasing a home or having a family. A move that may prove to be detrimental for millennials. Only time will tell if the millennial generation can keep up with the retiring baby boomer generation.