4.19.24
The Wall Street Journal reports that most Americans aged 60 and older are not planning to move from their current homes. Citing data from real estate firm Redfin, homeowners in this demographic own 28% of houses with 3 or more bedrooms, typically occupied by one or two adult residents, and collectively holds half of the $32 trillion in home equity. Previously, owners in this age bracket would often downsize to smaller houses or apartments. However, factors such as working longer and holding low interest mortgages are changing their decisions. This, along with the limited supply of new houses may add to competition for family homes, pushing prices higher.