The housing market is tough today for young Americans. Prices are high. Interest rates are high. The savings needed for a deposit are getting eaten up by inflation, job loss, and childcare. Unfortunately, tomorrow’s housing market isn’t shaping up to be too great, either.
A poll commissioned by renovation firm Leaf Home suggests that baby boomers, who are still the biggest generational cohort of both homeowners and homebuyers, don’t plan to leave their homes or fix them up anytime soon.
Almost three quarters of boomers who responded to the survey said they’ve lived in their homes for more than a decade, and more than half (55%) don’t intend to move. Nearly seven out of 10 live in homes more than 30 years old, with no plans to make major renovations.
“The housing market is caught in a generational tug-of-war,” said Leaf Home CEO Jon Bostock in a press release accompanying the poll. “Boomers will soon face aging-in-place hurdles, while millennials will face the surprise of homes in need of major upgrades.”