This chart shows the increase in the percent of the population 60 and older from 6 percent in 1900 to 16 percent in 2000 and projected to be 25 percent in 2030 and 26 percent in 2050. (U.S. Census Bureau)
An aging population has an impact on housing. There is all sorts of speculation about baby boomers. Will people move? Will they age in place? Will there be a great sell off in 2020? Right now there are more home buyers than sellers. Will that turn around in the next couple of years? Will the great sell off create a buyers market?
How will lack of affordable health care affect the housing market going forward? The aging trend isn’t just about aging baby boomers. We all live longer and have fewer children which is causing permanent changes.
Is there the right type of housing for all generations or will we all need to adapt to what is available and how will those adaptations affect our life styles?
Pretty heavy stuff I know but I spend a lot of time at a nursing home and that gives me time to ponder aging and it’s impact on the housing market.
Currently we have set yet another record low for the number of homes for sale in St. Paul. I think one of the reasons for the shortage of homes for sale is baby boomers who are staying put.