{"id":80116,"date":"2025-06-18T05:30:59","date_gmt":"2025-06-18T12:30:59","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=80116"},"modified":"2025-06-16T12:58:23","modified_gmt":"2025-06-16T19:58:23","slug":"baby-boomer-homeowners-never-sell","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/baby-boomer-homeowners-never-sell\/","title":{"rendered":"1 in 3 Baby Boomers Say They\u2019ll Never Sell Their Home"},"content":{"rendered":"

An additional 30% of baby boomers who own their home say they\u2019ll hold onto it for at least a decade.<\/span><\/i><\/p>\n

One-third (33.5%) of baby boomers who own their home say they\u2019ll never sell, according to a recent Redfin-commissioned survey. Another 30% say they\u2019ll sell their home at some point, but not within the next decade.\u00a0<\/span><\/p>\n

Older people are even less likely to sell, with nearly half (44.6%) of Silent Generation members never planning to sell.\u00a0<\/span><\/p>\n

Younger homeowners are more likely to eventually part ways with their house: 25% of Gen Xers and 21% of millennial\/Gen Zers say they\u2019ll never sell.<\/span><\/p>\n

\"\"<\/p>\n

The survey findings in this report are from a Redfin-commissioned survey conducted by Ipsos in May 2025, fielded to roughly 4,000 U.S. residents. This report focuses on homeowners who answered a question about when they are likely to sell their home: 170 members of the Silent Generation, 718 baby boomers, 434 GenXers, and 382 millennials\/Gen Zers. The second section of the report focuses on homeowners who answered a question about why they are not selling: 519 baby boomers, 283 Gen Xers and 171 millennials\/Gen Zers.\u00a0<\/span><\/p>\n

There are several financial and lifestyle reasons why older Americans are much more likely than younger Americans to stay put. Many baby boomers who own their home don\u2019t have a financial incentive to sell.\u00a0<\/span><\/p>\n

Additionally, many older homeowners have lived in their home for a long time and simply prefer to stay put; roughly two-thirds (67%) of baby boomer homeowners have lived in their home for 16-plus years.<\/span><\/p>\n

When asked in the survey why they\u2019re staying in their current home, most baby boomers (55%) said they just like their home and have no reason to move, making that the most commonly cited reason.\u00a0<\/span><\/p>\n

The next-most common reasons are financial: 30% said their home is almost or completely paid off, 16% said today\u2019s home prices are too high, and 8% don\u2019t want to give up their low mortgage rate.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Housing costs have risen significantly over the last several years. Home prices are up roughly 40% since pre-pandemic, and mortgage rates are <\/span>near 7%<\/span><\/a>, up from about 4% before the pandemic. Nearly one-third (31%) of baby boomers who own their home say they couldn\u2019t afford a home like theirs in their neighborhood today.\u00a0<\/span><\/p>\n

Older Americans hanging onto their homes is one reason it\u2019s difficult for younger Americans to find and afford houses, especially houses large enough to fit a family. Nearly nine in 10 (88%) of the homes owned by baby boomers are single-family homes; just about 5% are condos and 4% are townhomes. A 2024 <\/span>Redfin analysis<\/span><\/a> found that baby boomers are twice as likely to own <\/span>large <\/span><\/i>homes as millennials. Meanwhile, more than 70% of\u00a0 millennial and Gen Z homeowners have minor children living in their home, compared to 4% of baby boomers.\u00a0<\/span><\/p>\n

\u201cWhile inventory is improving, supply is tight for young house hunters looking for family homes, especially in suburban areas where homes priced like starter homes–yet large enough for families–are scarce,\u201d said Redfin Chief Economist <\/span>Daryl Fairweather<\/span><\/a>. \u201cWith baby boomers opting to age in place rather than sell, it\u2019s challenging for younger buyers to find affordable options that fit their lifestyle. But it\u2019s worth noting that even though many older Americans say they\u2019re not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and\/or keep up with home maintenance.\u201d<\/span><\/p>\n

One-quarter (25%) of millennial and Gen Z renters say they\u2019re not purchasing a home in the near future because they can\u2019t afford a home in an area where they want to live, making it the most commonly cited reason for not buying a home. The next-most common reasons: Financially unprepared for surprise costs of owning a home (23%), mortgage rates are too high (20%), and inability to save for a down payment (18%).\u00a0<\/span><\/p>\n

The good news for young homebuyers is that supply is up; there are <\/span>roughly 500,000<\/span><\/a> more home sellers than buyers in today\u2019s market. It\u2019s a buyer\u2019s market in many parts of the country, and Redfin economists <\/span>predict<\/span><\/a> home prices will decline 1% year over year by the end of 2025.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

An additional 30% of baby boomers who own their home say they\u2019ll hold onto it for at least a decade. One-third (33.5%) of baby boomers who own their home say they\u2019ll never sell, according to a recent Redfin-commissioned survey. Another 30% say they\u2019ll sell their home at some point, but not within the next decade.\u00a0 […]<\/p>\n","protected":false},"author":13153,"featured_media":80120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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