However, the current state of the U.S. housing market presents a new challenge for these aging homeowners: finding affordable and accessible homes suitable for their retirement years. Consequently, many boomers are opting to "age in place," a decision that could have significant implications for younger generations.
According to Newsweek, a recent study by Redfin revealed that 78 percent of baby boomers plan to spend their retirement years in their current homes. Another Redfin report from 2022 found that boomers who are now empty nesters occupy 28.2 percent of all "large homes"—those with three bedrooms or more. This is in stark contrast to the 14.2 percent of millennials who are more likely to have their children still living at home.
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The tradition of downsizing to smaller, retirement-friendly homes seems to be fading for America's aging population. While some may be reluctant to leave a home filled with memories, the cost of retrofitting existing homes for accessibility can be prohibitive, especially for older Americans living on fixed incomes.
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"Baby Boomers are increasingly choosing to 'age in place,' meaning they remain in their homes longer instead of selling to downsize or relocate," said Alexandra Gupta, a New York City real estate broker. "This trend is contributing directly to the housing shortage, as millions of homes that would otherwise be available to younger buyers remain occupied."
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The scarcity of accessible homes suitable for aging individuals is exacerbated by a slowdown in new home construction. A 2023 CNBC report indicated that less than 5 percent of the U.S. housing supply is accessible. Moreover, the pace of new home construction has yet to recover to pre-2008 financial crash levels.
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Ralph DiBugnara, founder and president of Home Qualified, identified high housing prices, driven by a lack of homes for sale, as a key reason why boomers are choosing to stay put. "The biggest problem I see facing homeowners today is they are equity rich, cash poor and without as many options to fix it because of high interest rates and high home prices," DiBugnara said.
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Modifications such as fewer stairs, lifts, wider hallways, ramps, and other adjustments may become necessary for many Americans as they age. However, these modifications come with significant costs. For example, Thrive Homes estimates that installing a stair lift can cost between $3,500 and $6,000, while door widening could cost as much as $2,500.
While these modifications may be necessary for aging homeowners, they can also deter potential buyers, potentially reducing the property's value. A 2021 survey by the National Association of Home Builders revealed that 56 percent of respondents would not buy a home with an elevator installed—a necessity for wheelchair users living in multi-story properties.
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The decision of boomers to age in place is having ripple effects on younger generations who are already grappling with a tight housing market. Boomers own a significant portion of U.S. housing, a trend that has expanded since the 2008 financial crash and the coronavirus pandemic.
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"Boomers' control over a large share of the housing market also has a broader economic effect," Gupta said. "Many Boomers hold substantial home equity, which has allowed them to leverage their property for wealth or to secure retirement. Younger generations, however, may struggle to build similar wealth through homeownership. As real estate remains increasingly out of reach for younger buyers, the wealth divide between Boomers and subsequent generations may widen, with homeownership becoming an even more significant driver of financial inequality."
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This situation could keep millennials and Gen Z in the rental market for longer and could even push some boomers back into rentals if they cannot find affordable properties with the necessary modifications.
Jesse Saginor, associate professor of real estate development at the University of Maryland School of Architecture, Planning and Preservation, believes more needs to be done to address these housing challenges. "One solution is to significantly increase funding, subsidies, tax credits, and/or zoning flexibility to allow for the construction of affordable senior housing so that seniors have somewhere affordable to move, given that many may only live on Social Security and little else," Saginor suggested.
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However, Saginor also noted that "until we build for all segments of population in terms of income and age, there are bound to be shortages irrespective of mortgage rates and inflation, because the demand for housing tends to be dynamic while the supply of housing is largely static." As the baby boomer generation continues to age, the need for affordable and accessible housing solutions becomes increasingly urgent, underscoring the importance of comprehensive and forward-thinking housing policies.
