Redfin: One-Third of Baby Boomers Say They’ll ‘Never Sell’

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Redfin, Seattle, released a new study finding that 33.5% of Baby Boomers who currently own their homes say they’ll “never sell.”

Thirty percent of that group said they would sell, but not within the next decade.

The Silent Generation is even less likely to report being willing to sell, with 44.6% saying they’ll “never sell.”

Meanwhile, 25% of Gen X and 21% of Millennials and Gen Z say they’ll “never sell.”

Redfin noted that most Baby Boomers don’t have a financial incentive to sell, and have been in their homes for a long time–67% have been in their current house for 16 years or more.

Overall, 55% of Baby Boomers say they like their home and have no real reason to move. Thirty percent said that they wouldn’t sell because their home is almost or completely paid off, 16% said today’s home prices are too high and 8% don’t want to give up their current low mortgage rate.

“While 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,” said Redfin Chief Economist Daryl Fairweather. “With Baby Boomers opting to age in place rather than sell, it’s challenging for younger buyers to find affordable options that fit their lifestyle. But it’s worth noting that even though many older Americans say they’re 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.”