Between 2007 and 2017, around 730,000 homes were placed on the market each year that were previously owned by seniors. However, according to a new analysis from Zillow, this number is expected to rise across the next couple decades as Baby Boomers die or move into smaller properties or retirement facilities.
According to Zillow’s estimates, approximately 920,000 homes will be released into the market each year by homeowners 60 or older between 2017 and 2027. By 2027-2037, this number is projected to rise to 1.17 million homes.
The Tampa-St. Petersburg-Clearwater metropolitan area in Florida is expected to see the biggest impact. By 2037, seniors will have released 33.2% of all homes in that area into the market. The Tuscon, Ariz., metropolitan area was next, with 32.6% of owner-occupied homes expected to go up for sale thanks to seniors, followed by the Miami-Ft. Lauderdale-Port Saint Lucie and Orlando metropolitan areas in Florida at 31.9% each.
The flood of homes this trend will bring to these markets should help keep prices more affordable and make the prospect of homeownership more feasible. Unfortunately, though, many of the cities that will see the most homes freed up are locations that have proven to be less popular places to live among millennials and Gen-Xers.
