Freddie Mac: Baby Boomers pushing Millennials out of housing market
One may think that Millennials make up the majority of renters but, not so fast. According to a survey by Freddie Mac, more than 5 million baby boomers are expected to rent their next home by 2020. Between 2009 and 2015, around 2.5 million senior households joined the renters market throughout the United States.
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,
Freddie Mac: Boomers, Gen Xers less interested in buying a home. housing market: single-family home rentals.. New residents to the Bay Area are earning far more than the people they’re chasing out, a new report says, pushing up home prices and highlighting the gap between owners and.
Baby Boomers’ growth outpaces millennials Notwithstanding their dominant share, Millennials were not the fastest-growing age segment in the context of the broader rental market. As shown below, Baby Boomer renters grew at a more robust annual rate of 5.4% in small apartment buildings and 4.9% in single family homes.
"Who is living in those homes that millennials might otherwise have bought?" ask the study’s authors. Their answer: baby boomers. fundamental in today’s housing market is the lack of houses for.
The study, conducted by consulting company Age Wave in partnership with Merrill Lynch Global Wealth Management, also found that baby boomers are 49 percent more likely than their parents’ generation.
New research by Freddie Mac reveals that despite growing economic confidence among renters, affordability remains dominant in driving renter behavior. The spring "Profile of Today’s Renter" finds a total of 67 percent of renters view renting as more affordable than owning a home, including 73 percent of Baby Boomers (aged 53-71).
But as a country, our housing needs are changing. Millennials. Mae and Freddie Mac to support the single-family rental market has perpetuated a misguided view that government-sponsored enterprises’.
Similarly, a 2016 Freddie Mac survey reported 20% of baby boomers believed downsizing in their next home purchase was "very important," and an additional 32% said it was "somewhat important." Freddie Mac and Trulia said the desire for smaller dwellings by baby boomers is being driven partly by economics.
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· MCLEAN, VA–(Marketwired – Jun 28, 2016) – Freddie Mac (otcqb:FMCC) — Baby Boomers and others aged 55 or older, including several million current homeowners, are.
REITs gain traction Strong housing market helps reduce lingering foreclosure inventory A survey conducted by Zillow compiled from 114 responses by a diverse group of economists, real estate experts and market strategists, reveals that economists expect home prices to decline only slightly in 2012 (0.4 percent for the year) and then be on the rise. According to Zillow, this is the first time the individual economists surveyed were largely in agreement on where U.S. home prices.