Aging-in-Place Trend Contributing to Tight Inventories

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Posted To: MND NewsWire

In their December Insight report Freddie Mac’s economists estimated the country will fall short of its housing needs this year by about 2.5 million units. Yet at the same time, fewer members of the Millennial generation are buying houses than young people did in earlier periods. This month the Insights report examines the intersection of these facts, asking who is living in those homes that young people were expected to buy, and how this relates to the shortfall. Freddie Mac’ research finds that today’s seniors (persons born after 1931) are staying in their homes longer, and aging in place. While Millennials have historically low rates of homeownership the rates among seniors are high relative to previous generations. The company estimates that this trend accounts for about 1.6 million homes…(read more)

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