According to a recent AARP survey of its members (who are 50 or older) found that 63% of them want to remain in their current home for as long as possible. 68% of those surveyed want to remain in their same community.
Why is this important? People over age 50 really don’t want to move out of their current home. They want to stay put and age in place. And as I wrote about last week seniors are not moving into “traditional” multi-family housing for seniors until age 80 now on average, up from 75 years old in 2005.
This is bad news for Millennials and Gen Z who want to buy a home as home inventory levels may remain tight possibly for decades. But, this is good news for homeowners as reduced inventory levels will cause prices to increase faster than normal. This is also good news for real estate investors as rental demand should remain incredibly strong.