As more older Americans 'age in place,' millennials struggle to find homes.
With more seniors than ever aging in place and choosing not to sell the family home, an estimated 1.6 million fewer properties are now available in a market already experiencing a critical shortage, according to Freddie Mac.
"We believe the additional demand for homeownership from seniors aging in place will increase the relative price of owning versus renting, making renting more attractive to younger generations," said Sam Khater, chief economist at Freddie Mac, who estimates that the current market needs about 2.5 million more homes to meet demand.The reasons more seniors are choosing to stay in the homes where they raised their families are manifold.
"If we can shift the remodeling industry to be doing those types of things when they're already remodeling, then we really start to change the housing infrastructure and we create this place where people can enjoy living out their years in their home," Tenenbaum said. While some homeowners are choosing to age in place, others simply can't afford the high costs of moving. Today's housing market is incredibly pricey, and some can't afford to move into another home, even a smaller one. For others, the math just doesn't make moving that attractive.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
13 things rich millennials look for in a luxury home, according to real-estate agentsRich millennials like a luxury home with function. They care more about quality and convenience and less about size, according to real-estate agents.
Consulte Mais informação »
The struggle was real for these WNBA players trying to get home after a gameWNBA players on the Indiana Fever planned to leave Seattle a few hours after their game ended. Things didn't go quite as they expected.
Consulte Mais informação »
As Amazon Suffers String of Box Office Flops, Executives Struggle to Find Winning StrategyMarketing and distribution Chief Bob Berney exits as 'Late Night,' the high-profile Sundance dramedy, becomes the latest in a series of theatrical misses for the streamer, which is testing a number of new release plans.
Consulte Mais informação »
Popular YouTuber Etika Found Dead at Age 29Popular YouTuber and Twitch streamer Desmond 'Etika' Amofah has been found dead a week after his reported disappearance:
Consulte Mais informação »
Here are the best places to own a home – and pay fewer taxesTo determine the best places to own a home and pay fewer taxes, GOBankingRates analyzed median home values, state and local income tax rates, sales and use tax rates, median real estate taxes paid, and effective property tax rates in more than 200 cities.
Consulte Mais informação »
YouTube Star Etika Found Dead at Age 29Five days after going missing, YouTuber Etika was found dead in the East River. 💔
Consulte Mais informação »