What is a "Silver Tsunami"?
A recent study predicts that a Silver Tsunami will build slowly as the number of adults aged 60 or older pass away each year. The boomer generation, once over 76 million strong in the U.S., has dwarfed to 55 million. The Boomers own about 1/3 of all U.S. properties and 27% will sell their home within the next 20 years.
From 2007 to 2017, roughly 730,000 U.S. homes were released into the market each year by seniors aged 60 or older.
From 2017 to 2027 and from 2027 to 2037, that number will increase from 920,000 to 1.17 million per year.
Retirement hubs like Florida and Arizona are likely to feel the sharpest impact - these areas might end up with excess housing.
The differences in the share of homes released by Boomers among metros are small compared to the locations like Palm Springs which may see 45% of its owner occupied homes vacated by 2037.
Houses released by the Silver Tsunami - upwards of 20 million homes hitting the market through mid-2030s - will provide a substantial and sustained boost to supply, comparable to the fluctuation that new home construction experienced in the 2000s boom bust cycle.
The Silver Tsunami will be enough to affect local economics in traditional retirement areas.
A recent study predicts that a Silver Tsunami will build slowly as the number of adults aged 60 or older pass away each year. The boomer generation, once over 76 million strong in the U.S., has dwarfed to 55 million. The Boomers own about 1/3 of all U.S. properties and 27% will sell their home within the next 20 years.
From 2007 to 2017, roughly 730,000 U.S. homes were released into the market each year by seniors aged 60 or older.
From 2017 to 2027 and from 2027 to 2037, that number will increase from 920,000 to 1.17 million per year.
Retirement hubs like Florida and Arizona are likely to feel the sharpest impact - these areas might end up with excess housing.
The differences in the share of homes released by Boomers among metros are small compared to the locations like Palm Springs which may see 45% of its owner occupied homes vacated by 2037.
Houses released by the Silver Tsunami - upwards of 20 million homes hitting the market through mid-2030s - will provide a substantial and sustained boost to supply, comparable to the fluctuation that new home construction experienced in the 2000s boom bust cycle.
The Silver Tsunami will be enough to affect local economics in traditional retirement areas.
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