Florida to see more home sales due to Boomers
The 60 and older generation called “Baby Boomers” owns one third of the homes in the U.S., according to the Florida Realtors Association. How will this aging population of 76 million affect housing? The association notes that a “Silver Tsunami” of sellers will grow over the next 20 years with many more homes coming on the market in the 2020s and 2030s.
Between 2007 and 2017, approximately 730,000 homes were sold by seniors aged 60 or older. From 2017 to 2027 that number is expected to rise to 920,000 homes, while in 2027 to 2030s, the number of homes sold by seniors will increase to 1.17 million. Florida and Arizona, which are states that have large elder populations, will see the most homes for sale by seniors.
With 20 million homes hitting the market through 2030s nationwide, the association notes that these homes will boost supply and could assist with alleviating today’s housing shortage.