With most people wanting to age in place—55% of baby boomers have no plans to move, says a Leaf Home and Morning Consult report, 2024 Generational Divides in Homeownership Report.
The top reasons for baby boomers staying put include:
• No need to move (79%)
• Close to family (34%)
• Too expensive to move (33%)
• Low crime (25%)
• Weather or climate (18%)
• Interest rates (12%)
But 68% of boomers live in homes over 30 years old or more, and many have done no renovations—nor do they intend to—according to the report. For example, among those who have lived in their home for more than 25 years, 85% have no plans to add safety or accessibility features, 83% say they aren’t planning to replace the furnace or air conditioner, 80% won’t replace roofing or siding, and 67% aren’t upgrading large appliances. They’re essentially living in time capsules, and that’s a problem for them and future generations. “The housing market is caught in a generational tug-of-war,” says Jon Bostock, Leaf Home’s CEO.
For the residents, the homes are missing critical safety and accessibility features, and future buyers will be burdened with renovating these dated properties. “With an aging and ignored inventory of homes available in the next decade, we may see a crisis that will overwhelm the home improvement industry and strain the budgets of inheriting millennials, impacting the housing market,” he adds.
