A new paper predicts that home-buying trends among younger generations will lead to a flood of homes that older homeowners will not be able to sell.
New housing research suggests that senior homeowners in the future will have trouble selling their homes, the result of a mismatch between the number of available homes and the millennial and Generation Z buyers able to afford them.
"The study predicts that the change in home-buying behaviors by younger generations may result in a glut of homes that could grow as high as 15 million by 2040, with homeowners selling for far below what they paid – if they can sell them at all. Most seniors will be able to sell their homes, the study says, but it may become especially difficult in smaller, distant and slow- or non-growing markets," writes Kyle Mittan.
The problem will be especially acute in rural and suburban areas where growth and development are slower. Possible policy solutions include a federal buyback program and programs that match younger people with seniors in homes for house-sharing arrangements.
FULL STORY: Study Predicts Millions of Unsellable Homes Could Upend Market
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research