The aging population of the United States has been a growing concern on many levels, from what to do about social security to the housing market. The number of Americans age 50+ will grow to 132 million by 2030, which is an increase of more than 70% since 2000. This is a major shift in demographics of the country. This generation will all begin to sell their homes at around the same time, without many buyers on the market. A recent study also indicated that there is a shortage of homes that will be appropriate for the demographic (i.d. shortage of affordable, physically accessible, and well-located homes).
An important point for policy makers to focus on in the next few years will be figuring out how to handle this shifting demographic and attitude. Not only are baby boomers going to all be selling their homes, but the younger generation appears to be more wary about taking the leap to buy a home because of the volatility of the market in recent years. According to Chris Herbert, acting managing director of the Harvard Joint Center for Housing Studies, “We do have time to address it, but it’s going to take forethought on the part of communities”. Where do you think the housing market is headed?
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Source: Harvard University’s Joint Center for Housing Studies and AARP Foundation
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