Some news articles, and social media posts, blame high home prices on elders not “downsizing” into smaller homes (which didn’t make sense as they have to move somewhere and occupy another house). On social media, this quickly degenerates into “generation” bashing.
Many, if not most, live in smaller homes due to having bought homes long ago before the U.S. supersized homes. The data shows that those age 65+ are already living in smaller homes.
Related:
The % of seniors living in their own home has remained nearly constant for 25 years. The slight increase may be explained as a combination of factors including improved health, medical care, access to home-services (both medical and non-medical), possibly the generational shift from “Greatest Generation” to “Baby Boom” retirees with different expectations.
In 2000, 93% of seniors lived in their own home or that of a family member. 25 years later, this is now 94%. A one percentile increase over 25 years does not explain today’s housing market situation either.
